HC expects fall in US dollar to hit 15.72 Egyptian pounds at end-FY2017/18

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HC Securities and Investment expected Tuesday that U.S. dollar’s exchange rate will drop to 15.72 Egyptian pounds in the at the end of the financial year 2017/2018.

It is expected that US dollar’s exchange rate will also fall to 15.38 within the financial year 2018/2019, HC added.

Egypt’s president Abdel Fattah al-Sisi said that the foreign reserves of the country’s Central Bank of Egypt (CBE) near to $35 billion.