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EGP rises against USD to highest level since mid-May

EGP rises against USD to highest level since mid-May
The USD registered EGP 15.72 for buying at NBE and ALEXBANK

Cairo – Mubasher: The Egyptian pound exchange rate rose against the US dollar at local banks on Thursday, hitting its highest level since mid-May.

The US dollar registered EGP 15.72 for buying and EGP 15.92 for selling, according to data by the Central Bank of Egypt (CBE).

In addition, the greenback declined to EGP 15.7 for purchasing and EGP 15.8 for selling at the Commercial International Bank (CIB) and the United Bank.

Meanwhile, the USD registered EGP 15.72 for buying and EGP 15.82 for selling at ALEXBANK, Banque Misr, and the National Bank of Egypt (NBE).

The EGP declined at the end of May due to the repercussions of the coronavirus (COVID-19) pandemic.

In May, Egypt secured a $2.7 billion loan from the International Monetary Fund (IMF) under the rapid financing instrument (RFI) to meet the urgent balance of payments needs in the face of the pandemic.

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