The exchange rate of the dollar continued to decline against the Egyptian pound in the local market on Tuesday, bringing the average for banks’ transactions with their clients to EGP 15.6689 to buy and EGP 15.7689 to sell against EGP 15.6783 to buy and EGP 15.7783 to sell on Monday.
The official rate of the dollar exchange rate at the Central Bank of Egypt (CBE) on Tuesday hit EGP 15.6509 to buy and EGP 15.7755 to sell against EGP 15.6588 to buy and EGP 15.7846 to sell on Monday.
This level is the highest against the dollar since the second day of the decision to liberalise the exchange rate on 3 November 2016, when the average exchange rate was EGP 15.7297 to buy and EGP 16.3159 to sell. At the CBE it recorded EGP 15.6643 to buy and EGP 16.2222 to sell.
The price of the dollar is witnessing significant declines against the pound during the recent period, amid strong foreign exchange flows in the Egyptian market.
A senior banking official said that this decline in the price of the dollar is mainly due to investment portfolio flows to Egypt, especially from Gulf Cooperation Council (GCC) countries, in addition to the stability and strength of remittances from abroad and tourism.
Mohamed El-Etreby, head of Banque Misr, said that Banque Misr received about $2bn in cash flows during January 2020 alone, while the volume of flows during 2019 reached about $15.6bn.
Yehya Aboul Fotouh, deputy head of the National Bank of Egypt (NBE) revealed that the total cash flows that the bank received since the decision to liberalise the exchange rate in November 2016 until now reached about $73bn.
