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US dollar drops 10% against EGP in 15M – PM

US dollar drops 10% against EGP in 15M – PM
Foreign reserves are enough to cover Egypt’s required basic goods for a year

Cairo – Mubasher: The US dollar exchange rate has fallen by 10% against the Egyptian pound in 15 months since the flotation of the local currency, the Middle East News Agency (MENA) reported, citing the Egyptian prime minister Mostafa Madbouly as saying.

In addition, the country’s annual inflation rate slowed down to 6.7% in August after rocketing to 33% following the flotation, Madbouly added in his speech to the parliament on Tuesday.

In addition, the North African nation’s foreign currency reserves also increased unprecedentedly to a high level enough to cover Egypt’s required basic goods for a year, he noted.