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Egyptian pound records highest level in 3 years

Egyptian pound records highest level in 3 years
Remittances from Egyptians working abroad increased to $6.71 billion

Cairo - Mubasher: The Egyptian pound traded at EGP 15.66 to the US dollar on Monday, compared to EGP 15.69 on Sunday, registering its three-year highest level, Reuters reported.

The pound has gained its strongest level since Egypt weakened the currency as part of an economic reform plan backed by the International Monetary Fund (IMF) over three years ago.

"It is mainly portfolio-flow-driven and mainly from GCC portfolios, mainly in large purchases of Egyptian pound treasury bills. That is in addition, of course, to stable consistent remittances and tourism," a Cairo-based banker who asked not to be named told Reuters News.

Meanwhile, remittances from Egyptians working abroad increased to $6.71 billion during the three-month period from July to September 2019, up from $5.91 billion in the corresponding quarter a year earlier.

Furthermore, tourism receipts jumped to $4.19 billion in the quarter ended in September 2019 from $3.93 billion, according to Reuters.

It is noteworthy to mention that on 17 November 2016, the Egyptian pound last traded as strong, six days after the country had signed a $12 billion three-year loan agreement with the IMF.