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EGP among world’s top performing currencies in four years

EGP among world’s top performing currencies in four years
The USD slid to EGP 15.74 at the end of 2020

Cairo – Mubasher: The Egyptian pound was among the top performing currencies worldwide against the US dollar over the last four years, the cabinet’s media centre said on Monday.

The EGP exchange rate improved gradually since the beginning of the economic reform programme launched at the end of 2016.

The report showed that the EGP showed resilience against the US dollar as the country’s international reserves started to recover from the repercussions of the pandemic.

Egypt’s net international reserves fell to $40.11 billion in March 2020, $37.04 billion in April, and $36 million in May, before picking up to $38.18 billion in June, $38.26 billion in July, and $ 38.31 billion in August.

At the end of January 2021, net international reserves reached $40.1 billion.

The performance of the EGP exchange rate against the US dollar surpassed the expectations of international institutions, ending 2020 at EGP 15.74, compared to Bloomberg’s forecast of EGP 16.5, Standards and Poor’s forecast of EGP 16.09, Fitch Solutions’ forecast of EGP 16.25, and The Economist’s forecast of EGP 15.98.

From 10 February 2017 until 10 February 2021 greenback slid by 11.9% against the EGP, 16.7% against the Serbian dinar, 14.8% against the Thai baht, and 16.3% against the Czech koruna.