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EGP rises against USD to highest level since May

EGP rises against USD to highest level since May
The USD registered EGP 15.85 for buying at AAIB and EG Bank

Cairo – Mubasher: The Egyptian pound exchange rate continued to increase against the US dollar at local banks on Monday, hitting its highest level in more than 12 weeks.

The USD exchange rate declined to EGP 15.83 for buying and EGP 15.93 for selling at Societe Arabe Internationale de Banque (SAIB).

Meanwhile, the greenback reached EGP 15.84 for purchasing and EGP 15.94 for selling at ALEXBANK, Commercial International Bank – Egypt (CIB), the United Bank, Al Ahli Bank of Kuwait, and Misr Iran Development Bank.

Likewise, the USD registered EGP 15.85 for buying and EGP 15.95 for selling at Arab African International Bank (AAIB), Credit Agricole, Housing and Development Bank (HDB), National Bank of Greece, and Egyptian Gulf Bank (EG Bank).

At the end of May, the Egyptian pound declined amid the repercussions of the coronavirus (COVID-19).

Earlier, 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 pandemic.

The country also reached a staff-level agreement with the IMF on a $5.2 billion standby loan.