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EGP rises against USD in 10 months

EGP rises against USD in 10 months
International reserves grew to $38.425 billion at the end of September

Cairo – Mubasher: The Egyptian pound exchange rate climbed against the US dollar on the back of the successful monetary policy of the Central Bank of Egypt (CBE), the increase in remittances of Egyptians living abroad, and the receipt of funds from the International Monetary Fund (IMF) and international markets with a value of more than $10 billion, the Middle East News Agency (MENA) reported on Sunday.

The USD dropped by about EGP 0.35 to EGP 15.64 for buying and EGP 15.74 for selling on 31 October from EGP 15.99 for buying and EGP 16.09 for selling on 1 January.

Despite the challenges facing international markets due to the coronavirus (COVID-19) pandemic, the Egyptian pound has witnessed a robust performance due to the increased foreign direct and indirect investments.

Egypt’s net international reserves grew over a period of four months, registering $38.425 billion at the end of September.

In addition, remittances of Egyptians expatriates rose by 11% to record a historic level of $27.8 billion in fiscal year 2019/2020.