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EGP stabilises against USD early Tuesday

EGP stabilises against USD early Tuesday
EGP remained stable against USD at Egyptian banks early Tuesday

By: Abdallah Bedeir

Cairo – Mubasher: The Egyptian pound remained stable against the US dollar at the Egyptian banks early Tuesday after marking a two-day high since May 2018.

National Bank of Egypt (NBE) offered the US dollar rate at EGP 17.58 for buying and EGP 17.68 for selling, which is the same rate as yesterday.

The USD rate at Banque Misr recorded EGP 17.58 for buying and EGP 17.68 for selling.

Meanwhile, USD/EGP registered EGP 17.57 for buying and EGP 17.67 for selling at the Commercial International Bank (CIB), and it recorded EGP 17.58 for buying and EGP 17.68 for selling at Abu Dhabi Islamic Bank – Egypt (ADIB).

The Central Bank of Egypt's (CBE) governor Tarek Amer previously told Bloomberg News that the USD/EGP exchange rate would see further volatility over the coming days, following the shutdown of the system allowing foreign investors to repatriate dollars.

The EGP has risen against the USD on the back of investors’ interest in local sovereign debt instruments, the Egyptian Exchange (EGX), the increase in remittances from expatriate Egyptians, added to positive indicators of Egypt’s economic recovery, banking experts told Mubasher.

The International Monetary Fund’s (IMF) recent positive report on the recovery of Egypt’s economy has boosted foreign investors’ confidence in Egyptian sovereign debts and the local bourse, they said.

The IMF managing director Christine Lagarde has called for maintaining economic reforms in Egypt, indicating that the North African country was on the right track.

Translated by: Mai Ezz El-Din