Dollar Ups Against Egypt Pound In Week, Nears EGP 6.83

By the end of the last week trading, the US dollar has reached EGP 6.798 (buy price) and EGP 6.8281 (sell price), hitting the 10-year high against the Egypt pound.

The US dollar had witnessed by the beginning of the last week a relative steadiness at EGP 6.7811 (buy price) and EGP 6.8112 (sell price). Yet, the US dollar put up on Monday, followed by the Egyptian Central Bank’s offering of the US currency to the local banks (FX auctions), to EGP 6.7893 (buy price) and EGP 6.8194 (sell price).

It is worth noting that the Governor of CBE Hisham Ramez decided to conduct the FX auctions on Mondays, Wednesdays and Thursdays only so as to ration the disbursement of foreign currency especially after foreign reserves fell to US$ 13.5 billion.

On Wednesday, the US currency’s price continued to increase to EGP 6.7938 (buy price) and EGP 6.8239 (sell price), to eventually report on Thursday EGP 6.798 (buy price) and EGP 6.8281 (sell price), representing an increase of one piaster and half in a week.