Amer: Egyptian pound strengthens due to market supply, demand mechanism

The pound’s rally against the dollar in the few past days was due to the market’s supply and demand mechanism without any intervention from the Central Bank of Egypt (CBE), Governor of the CBE Tarek Amer told President Abdel Fattah al-Sisi.

Amer added that the pound’s rally is a good sign of the Egyptian economy’s recovery.

The pound was steady on Thursday’s trading against the dollar in most Egyptian lenders.

The green benchmark lost 20 piastres against the Egyptian pound on Tuesday.

Amer also noted that hiking the interest rate by two percent was a step to tame inflation and to maintain the purchasing power of the Egyptian pound.

Source: Daily news