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Egyptian pound appreciates against dollar in midst of imminent IMF loan signing, Trump elected president - Daily News Egypt

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Egyptian pound appreciates against dollar in midst of imminent IMF loan signing, Trump elected president

The price of the Egyptian pound significantly increased against the US dollar on Wednesday. The official price at the Central Bank of Egypt (CBE) reached EGP 17.0422 for buying and EGP 17.633 for selling, down from Tuesday’s rates of EGP 17.417 for buying and EGP 17.8427 for selling. The dollar price also dropped at a …


The price of the Egyptian pound significantly increased against the US dollar on Wednesday. The official price at the Central Bank of Egypt (CBE) reached EGP 17.0422 for buying and EGP 17.633 for selling, down from Tuesday’s rates of EGP 17.417 for buying and EGP 17.8427 for selling.

The dollar price also dropped at a number of banks in the domestic market, especially state-owned banks, ranging between EGP 16.9-17.1 for buying and EGP 17.35 for selling.

Banks trimmed down the margin between the buying and selling prices on Wednesday to about EGP 0.20, compared to EGP 0.50 in the first days of flotation.

According to Tamer Youssef, head of the treasury at a foreign bank operating in Egypt, the market has been dominated by optimism since Tuesday night, following news that the International Monetary Fund (IMF) loan will be signed imminently and the first tranche will be received in the coming week.

He added that the exchange market is very sensitive to any positive or negative news; the good news led the price of the national currency up. He noted that the drop in the greenback value in international markets—in the wake of Donald Trump winning the US presidency—also influenced the price.

He stressed that the exchange market will soon become stable, anticipating a considerable appreciation of the national currency within three months.

CBE official exchange rates and prices are expressed in Egyptian pounds.
Rates for 9 November 2016:

Currency Buy Sell
US dollar 17.0422 17.6330
Euro 18.8981 19.5550
British pound 21.2039 21.9460
Canadian dollar 12.6689 13.1178
Danish krone 2.5392 2.6277
Norwegian krone 2.0696 2.1421
Swedish krona 1.8876 1.9537
Swiss franc 17.4899 18.1111
Japanese yen 100 16.5137 17.0879
Saudi riyal 4.5437 4.7017
Kuwaiti dinar 56.2912 58.3583
UAE dirham 4.6397 4.8007
Australian dollar 13.1037 13.5756
Bahraini dinar 45.1963 46.7693
Omani riyal 44.2539 45.8118
Qatari riyal 4.6804 4.8433
Jordanian dinar 24.0539 24.9124
Chinese yuan 2.5144 2.6027

 

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https://wwww.dailynewssegypt.com/2016/11/09/egyptian-pound-appreciates-dollar-midst-imminent-imf-loan-signing-trump-elected-president/
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