Egyptian pound appreciates to highest since Feb. 2017

The Egyptian pound strengthened on Monday against the U.S. dollar, trading at 15.967 against the greenback, its strongest since February 28, 2017.

The pound has witnessed a remarkable climb during 2019, rising 9.85 percent against the dollar since January 1st,2019. Analysts said it was mainly buoyed by higher foreign exchange inflows.

In late February 2017, the Egyptian currency was trading at 15.870 to the dollar.

Egypt devalued its currency in early November 2016 as part of a bold economic reform programme tied to a three-year, $12 billion loan from the International Monetary Fund (IMF).