By: Islam Fadl
Cairo – Mubasher: The Egyptian Pound’s exchange rate against the US dollar increased by a range from 3 to 6 piastres.
The US dollar exchange rate at the Central Bank of Egypt (CBE) reached EGP 17.32 for buying and EGP 17.45 for selling.
The decline of the US dollar exchange rate can be explained in the light of a group of reasons including the improvement of Egypt’s credit rating, former vice chairman of Banque Misr Sahar Al-Damaty told Mubasher.
These reasons also include the increase in the North African country’s tourism revenue and exports, along with the growth in the Suez Canal revenue, which registered EGP 51.8 billion, Al-Damaty added.
Al-Damaty noted that among what dragged down the US dollar exchange rate against the EGP is a 5.7% year-on-year increase in Egyptian remittances during 2018.
The US dollar is expected to see a further decline in the short range, the economist concluded.
Translated by: Muhammad Abdul-Wakeel