El-Abyad: Dollar Likely To Fall To EGP 6.35 In 2 Weeks

Mohamed Hassan El-Abyad – head of the Foreign Exchange Section at the Federation of Egyptian Chambers of Commerce – stated that the U.S. dollar’s exchange rates have begun to stabilize since last Thursday.

“The dollar’s exchange rates began to slow down against the Egyptian pound due to the mild demand for the U.S. currency.” El-Abyad told local channel CBC in a telephone interview on Saturday.

He noted that there were only some banks that could not fulfill the forex firms’ needs for dollar. 

“The dollar’s exchange rate will likely range between EGP 6.35 and EGP 6.40 against the pound within the coming two weeks backed by the decreased demand for the U.S. currency.”