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EGP slides to lowest level against USD since October 2019

EGP slides to lowest level against USD since October 2019
The greenback advanced to EGP 16.17 for buying at AAIB

By: Heba El-Kordy

Cairo – Mubasher: The Egyptian pound exchange rate continued its declining trend against the US dollar, nearing the lowest level since 21 October 2019, according to data compiled by Mubasher.

For the second week in a row, the USD rose to register EGP 16.27 for purchasing and EGP 16.17 for selling at most local banks during Sunday’s trading.

The losing streak started days after the most populous Arab nation received a $2.7 billion loan from the International Monetary Fund (IMF) under the rapid financing instrument (RFI) to help mitigate the impact of the coronavirus (COVID-19).

The USD exchange rate has increased by 2.5% or EGP 0.45 since securing the IMF loan.

On Friday, Egypt reached a staff-level agreement with the IMF on a $5.2 billion standby loan.

During Sunday’s trading session, the greenback advanced to EGP 16.15 for purchasing and EGP 16.25 for selling at Banque Misr and the National Bank of Egypt (NBE).

In addition, the USD rose to EGP 16.17 for buying and EGP 16.27 for selling at the Arab African Internatinal Bank (AAIB), Credit Agricole, Commercial International Bank (CIB), the United Bank, Al Ahli Bank of Kuwait, Misr Iran Development Bank, and the Egyptian Gulf Bank (EG Bank).