For the second day in a row, the exchange rate of the euro rose against the Egyptian pound, today, Wednesday, in the dealings of banks and exchange companies.
According to a survey conducted by “Al Ain News” on the euro rates in 23 banks, the average price of the euro against the Egyptian pound rose today, Thursday, in banks by 19.01 pounds for purchase and 19.21 pounds for sale.
According to the Central Bank’s website, Thursday’s transactions witnessed a rise in the average price of the Egyptian pound against the US dollar, the pound sterling, the Saudi riyal, the Emirati dirham, and the Kuwaiti dinar.
The average price of the European euro rose to 19.01 pounds for purchase, 19.13 pounds for sale, compared to 18.97 pounds for purchase, and 19.10 pounds for sale.
The highest price for the euro
The highest price for buying the euro against the Egyptian pound came at 19.07 pounds to buy, in Abu Dhabi Islamic Bank.
While the highest selling price of the euro against the Egyptian pound came at 19.28 pounds in Al Baraka Bank.
In the National Bank of Egypt (the largest government bank), the euro rose to about 18.97 pounds for purchase and 19.20 for sale.
Monetary Fund praise
The International Monetary Fund raised its forecast for the growth of the Egyptian economy in the current fiscal year to 2.8%.
The Egyptian economy has received a boost in the past three years thanks to the revival of tourism, remittances by Egyptians working abroad, and the start of production of newly discovered natural gas fields.
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 weakness of tourism and investment.”
In June, the IMF expected the economy to grow 2% in the 2020-2021 fiscal year that began in July and ends in June.
Dollar and sterling prices
The average exchange rate of the dollar rose to about 15.62 pounds for purchase, 15.72 pounds for sale, compared to 15.61 pounds for purchase, and 15.71 pounds for sale, yesterday, Wednesday, according to the Central Bank of Egypt website.
The average price of the pound sterling increased to 21.37 pounds for purchase, 21.50 pounds for sale, compared to 21.23 pounds for purchase and 21.36 pounds for sale.
Real, dirham and dinar prices
The average price of the Saudi riyal rose to 4.165 pounds for purchase, and 4.191 pounds for sale, compared to 4.161 pounds for purchase and 4.188 pounds for sale.
The average price of the Emirati dirham increased to 4,253 pounds for purchase, 4,281 pounds for sale, compared to 4,250 pounds for purchase and 4,278 pounds for sale.
While the average price of the Kuwaiti dinar rose to 51.52 pounds for purchase, 51.88 pounds for sale, compared to 51.38 pounds for purchase and 51.85 pounds for sale.
Strongest performance in the market
The Egyptian pound recorded the strongest performance among emerging market currencies during the year 2020, despite the emerging coronavirus (Covid-19) pandemic.
Among the 9 major emerging market currencies whose movements were monitored during the year 2020, the Egyptian pound was the only one that succeeded against the dollar, to tweet alone with gains of 2.25% since the beginning of the year.