US dollar reaches lowest against Egyptian pound in two years

Ahmed Morsy , Thursday 16 May 2019

Egyptian pound to US dollars (Photo: AP)

US dollar fell below EGP17 for the first time in two years as the Egyptian pound continued to slowly rise against it at the end of transaction in various major banks in local market on Thursday.

The US dollar declined on Thursday and hit EGP16.99 for purchase and EGP17.09 at the National Bank of Egypt, Banque Misr, Banque du Caire, Alexandria Bank, Audi Bank and the Commercial International Bank (CIB).

The price of the dollar has dropped by EGP0.9 since the start of 2019.

Egypt devalued its currency by 48 percent in 2016, allowing it to float freely as part of the economic reform programme carried out as a condition of a three-year $12 billion IMF's loan. The dollar's price reached its peak EGP19 in December 2016 and swung around EGP18 during the past two years.

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