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EGP advances against USD to highest level since early March

EGP advances against USD to highest level since early March
The USD registered EGP 15.59 for buying

Cairo – Mubasher: The Egyptian pound exchange rate advanced against the US dollar to its highest level since 8 March, according to data by the Central Bank of Egypt (CBE).

The USD registered EGP 15.59 for buying and EGP 15.72 for selling, the CBE revealed on Monday.

The greenback fell to EGP 15.6 for purchasing and EGP 15.7 for selling at the Commercial International Bank – Egypt (CIB).

At the end of October, the country’s international reserves increased by $795 million to $39.22 billion.

In May, Egypt 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) pandemic.

Moreover, the government reached a staff-level agreement with the IMF for a $5.2 billion standby loan.