The exchange rate of the euro against the Egyptian pound declined today, Monday, in the dealings of banks, exchange companies and the Central Bank.
The average euro exchange rate decreased to about 19.08 pounds for purchase and 19.20 pounds for sale on the Central Bank of Egypt website.
The highest price for buying the euro against the Egyptian pound came at 19.08 pounds to buy at the National Bank of Kuwait (Piraeus).
The lowest price for selling the euro against the Egyptian pound came at 18.57 pounds for sale in the bank of the Arab International Banking Corporation SAIB
Dollar and sterling prices
The average exchange rate of the euro decreased to about 19.08 pounds for purchase and 19.20 pounds for sale on the Central Bank of Egypt website.
The average price of the pound sterling at the Central Bank of Egypt was 21.15 pounds for purchase and 21.33 pounds for sale.
Real, dirham, and dinar prices
The average price of the Saudi riyal with the Central Bank of Egypt was recorded at 4.15 pounds for purchase and 4.192 pounds for sale.
The average price of the Emirati dirham settled at 4.24 pounds for purchase and 4.28 pounds for sale.
The average price of the Kuwaiti dinar was 51.43 pounds for purchase and 51.85 pounds for sale.
The stability of the euro in Egypt comes after the International Monetary Fund, last Friday, raised its forecast for the growth of the Egyptian economy in the current fiscal year to 2.8%.
The IMF projections match the lower end of the range of the government’s own estimates thanks to a less severe contraction during the coronavirus pandemic.
The Egyptian economy received a boost in the past three years thanks to the recovery of tourism, remittances by Egyptians working abroad, and the start of production of newly discovered natural gas fields.
Dispel the impact of Corona
But since the outbreak of the Corona virus, tourism has been negatively affected, the price of gas has decreased and remittances of workers abroad have been endangered with the decline in oil revenues in the Gulf Arab countries, where a large number of Egyptians work.
In the first review of the latest credit preparedness agreement with Egypt, the IMF said, “The impact of Covid-19 on growth in Egypt has been less severe so far than expected, as strong consumption has contributed to compensating for the weak tourism and investment.”
In June, the IMF expected the economy to grow 2% in the 2020-2021 fiscal year that begins in July and ends in June.
The Fund said that the Egyptian authorities showed some flexibility in reallocating spending to support sectors and groups that are most vulnerable during the second wave of the Covid-19 pandemic.