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EGP continues to advance against USD on rising foreign reserves

EGP continues to advance against USD on rising foreign reserves
The greenback slid to EGP 15.63 for purchasing

Cairo – Mubasher: The US dollar exchange rate dropped against the Egyptian pound by EGP 0.04 in the first week of 2021 as foreign reserves rose to more than $40 billion.

According to data by the Central Bank of Egypt (CBE), the average exchange rate of the USD fell to EGP 15.63 for purchasing and EGP 15.73 for selling on Wednesday, compared to EGP 15.67 for buying and EGP 15.77 for selling earlier this week.

On Tuesday, the greenback slid to EGP 15.65 for buying and EGP 15.75 for selling on Tuesday after the CBE announced that net international reserves grew to $40.063 billion at the end of December 2020, compared to $39.222 billion in November.

The USD registered EGP 15.65 for buying and EGP 15.75 for selling at the National Bank of Egypt (NBE) and Banque Misr.

Meanwhile, the USD reached EGP 15.64 for purchasing and EGP 15.74 for selling at the Commercial International Bank (CIB) and Credit Agricole and EGP 15.66 for buying and EGP 15.76 for selling at Abu Dhabi Islamic Bank (ADIB).