US Dollar Hits 10-Year High Against Egypt Pound In Week

The trading on the US dollar has ended last week reporting a 10-year high against the Egyptian pound to reach EGP 6.8711 for buying and EGP 6.9012 for selling.

The exchange rate of the US currency has witnessed steadiness by the beginning of last week at EGP 6.8382 for buying and EGP 6.8683 for selling. However the FX auctions offered by the Central Bank of Egypt (CBE) to provide dollars for the local banks have driven the US dollar to rise to EGP 6.8711 for buying and EGP 6.9012 for selling.

Consequently, the US currency has achieve a growth of 0.4% worth 3.25 piasters in a week coinciding with the CBE’s 3 FX auctions worth US$120 million on Monday, Wednesday and Thursday. The US dollar’s daily average increase has reached one piaster to EGP 6.8791 on Monday, EGP 6.8904 on Wednesday, and EGP 6.9012 on Thursday.

The country’s Central Bank Governor Hisham Ramez has announced that the coming week will be seeing breakthroughs and remarkable stability in the US dollar’s exchange rate against the national currency.

This would come as a result of signing an agreement with Qatar over buying Egypt’s T-bills worth US$ 3 billion besides another agreement with Libya as regard to giving Egypt a US$ 2 billion five-year interest-free loan to support its economy and also the Turkish pledge to provide a tranche of Egypt financial support fund worth US$500 million. The Qatari, Libyan and Turkish support pledges would eventually contribute to boosting Egypt’s foreign reserves approximately by US$ 5.5 billion.