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USD falls below EGP 17 for first time in 2 yrs – CBE

USD falls below EGP 17 for first time in 2 yrs – CBE
Egypt’s foreign reserves rose by about $106 million in April

Cairo – Mubasher: The US dollar exchange rate continued to retreat against the Egyptian pound at several banks on Thursday, the Central Bank of Egypt (CBE) said in a statement.

The USD rate registered EGP 16.99 for buying and EGP 17.09 for selling, the CBE added.

Since the beginning of 2019, the USD rate fell by about 87 piasters against the EGP, supported by foreign cash inflows.

Egypt’s foreign-currency reserves rose by about $106 million to $44.218 billion at the end of April, compared to $44.112 billion at the end of March, the CBE previously revealed.