The average exchange rate of the US dollar against the Egyptian pound increased during early trading on Wednesday by banks and exchange companies, according to dealers.
According to the Central Bank of Egypt data, the average price of the European euro and the Kuwaiti dinar increased, the British pound also rose, and the Saudi riyal and Emirati dirham stabilized.
The average dollar exchange rate rose to 15.7 pounds for purchase and 15.79 for sale on the Central Bank of Egypt website.
In banks, the average dollar amounted to 15.71 pounds for purchase and 15.81 for sale, according to a survey conducted by “Al Ain News” on prices in 29 banks operating in the Egyptian market.
Euro and British Pound rates
And the average price of the European euro rose, to 19.32 pounds for purchase and 19.44 pounds for sale, compared to 19.27 pounds for purchase, and 19.40 pounds for sale on Tuesday.
The price of the pound sterling increased to 21.44 pounds for purchase and 21.57 pounds for sale, compared to 21.41 pounds for purchase and 21.54 pounds for sale, Tuesday.
Real, dirham, and dinar prices
The average price of the Saudi riyal stabilized at 4.17 pounds for purchase and 4.20 pounds for sale. And the UAE dirham at 4.26 pounds to buy and 4.29 pounds to sell.
The average price of the Kuwaiti dinar was 51.73 pounds for purchase and 51.99 pounds for sale.
The pound leads the emerging market currencies
The Egyptian pound recorded the strongest performance among emerging market currencies during the year 2020, despite the emerging coronavirus (Covid-19) pandemic.
The Egyptian economy achieved a growth of 5.6% by the end of 2019, and the Egyptian government had expected it to reach 6% by the end of this year, but the Covid-19 pandemic prevented that.
Egypt’s foreign exchange reserves continued at the end of 2020, their journey for the seventh month, after being affected by the repercussions of Corona for only 3 months.
The Central Bank of Egypt announced that the country’s foreign exchange reserves rose in December to 40.063 billion dollars, compared to 39.222 billion dollars in November.