U.S. Dollar Hikes To Ten-Year High Against Egyptian Pound

The U.S. Dollar is trading on Thursday at the highest levels against the Egyptian Pound in almost 10 years. The U.S. currency reached a new high of EGP 6.1850 (buy price) and EGP 6.21 (sell price) against the Egyptian currency.

Commenting on the dollar’s recent rise, Mohamed Hassan El-Abyad – head of the Foreign Exchange Section at the Federation of Egyptian Chambers of Commerce – said the rise is due to the state of the political and economic disarray Egypt currently witnesses.

El-Abyad noted that the political and economic has disarray led to shortage in the country’s resources and investment flows alongside to fall in production.

Ali Al-Hariri, Deputy of Exchange Department, expected that Egypt’s Central Bank is going to encounter difficulties within the coming period in an attempt to save the local currency due to the decrease of dollar resources locally.

Al-Hariri stressed on restoring the production wheel so as to attract the dollar resources which rely on tourism, exports, and direct investments.

“The Central Bank has played a crucial role in achieving a relative stability in Egypt’s exchange market within the previous period based on adopting a wise monetary policy.” Al-Hariri added