Wednesday, 30 September 2020

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Wednesday, 01 July 2020 18:56

The high price of the Egyptian pound against the US dollar

After a partial return to tourism in Egypt After a partial return to tourism in Egypt

Egyptian News Vision: - The National Bank of Egypt announced the decline in the price of the dollar against the pound since the beginning of the week by 4 piasters at once from 16.21 for purchase and 16.11 for sale at the end of the last week of June 2020, to 16.17 for purchase and 16.07 for sale, according to the official MENA news agency.

The rise of the Egyptian pound against the US dollar is due to the fact that the supply of the American currency has been increasing continuously since the end of the first week of June 2020, and that the cash flows in foreign currencies are beginning to return to normal levels.

The International Monetary Fund has approved a new financial agreement with Egypt worth 5.2 billion dollars. International tourism also returned to some Egyptian tourist cities, after the closure lasted for more than 3 months.

Foreign investment in Egyptian treasury bills jumped to more than $ 10 billion, after it contracted significantly in March and April 2020, against the backdrop of the Corona pandemic.

The Egyptian bonds were covered more than 5 times, at a value of $ 22 billion, in which Egypt was satisfied with purchase orders for $ 5 billion.

The Central Bank of Egypt was granting an official holiday to banks whose fiscal year ends on June 30 of each year, while the rest of the banks operate normally.

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