Sky News Arab - Abu Dhabi
The dollar continued its decline in banks and Egyptian exchange companies during trading on Thursday, where it fell in a number of banks by about 4 piasters, recording 17.06 pounds for purchase and 17.16 pounds for sale.
The decline in the value of the dollar, which began weeks ago, is due to the abundant supply of it, and the decline in the volume of demand for it.
The US currency has fallen by about 72 piasters since December 27, 2018, ie in four and a half months, reflecting the improved economic indicators and the attractiveness of the Egyptian investment climate.
The decline in foreign exchange inflows contributed to banks and exchange, and the continued rise in foreign reserves gives a strong message of reassurance to investment circles and to the overall market, Al Ahram reported.
Sources told the Egyptian newspaper that the improvement in exports on the one hand and measures to rationalize imports on the other hand, in addition to the increase in remittances of Egyptians working abroad, and the high growth rates, all led to the rise of the pound against the dollar.
The decline of the dollar was accompanied by a collective decline of the other currencies, with prices of the euro between 19.01 pounds and 19.19 pounds to buy and 19.22 pounds and 19.41 pounds for sale.
Egyptians were expecting the pound to fall during the month of Ramadan, as this period of the year is witnessing a strong demand for other currencies, most notably Duralar and Saudi riyals due to the Umrah season and the holiday period.