EGP Jumps against USD Tuesday on IMF's 5th tranche disbursement

EGP Jumps against USD Tuesday on IMF's 5th tranche disbursement
EGP Jumps against USD Tuesday

By: Eslam Fadl

Cairo – Mubasher: The Egyptian pound rose against the US dollar at national banks on Tuesday by 2 piasters after Egypt received the fifth tranche worth $2 billion of the International Monetary Fund’s (IMF) $12 billion loan.

By 1:00 am Cairo time, the USD rate recorded EGP 17.58 for buying and EGP 17.68 for selling at both Egypt’s largest state-run National Bank of Egypt (NBE) and Banque Misr, falling by 2 piastres.

Additionally, the Commercial International Bank (CIB) offered the USD at EGP 17.58 for buying and EGP 17.68 for selling.

Meanwhile, the USD remained stable at Abu Dhabi Islamic Bank–Egypt (ADIB) at EGP 17.64 and EGP 17.73 for buying and selling, respectively.

On Monday, the IMF’s Executive Board had approved to deliver Egypt the fifth tranche of the $12 billion loan agreement signed in November 2017.

 

Translated by: Mai Ezz El-Din