02:08 PM
Monday 08 June 2020
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I wrote – Manal Al-Masry:
The dollar exchange rate against the pound returned to decline again after a series of rallies that began in mid-May.
The exchange rate of the dollar fell against the pound in the mid-day trading today, Monday, after the banks increased their pace to record 34 piasters only last week.
Banking sources said today, Monday, to Masrawy, that the banks monitored an increase in foreign exchange resources flows to banks today, which pushed the price of the dollar down after the announcement of an agreement with the International Monetary Fund to obtain a loan worth 5.2 billion dollars.
The sources added that there are various flows, including noticeable flows for foreign investors in the Egyptian market.
The sources pointed out that there is a noticeable improvement in the performance of global and emerging markets, as well as the completion of Egypt’s agreement with the International Monetary Fund, which strengthens confidence in the Egyptian economy.
The source added that the increase of the price of the pound against the dollar in trading today, an indication of the market’s approach to the point of balance and stability.
The source attributed this stability to the confidence the Egyptian economy gained after agreeing with the International Monetary Fund on a new loan.
Egypt and the International Monetary Fund announced that they had reached an expert-level agreement to obtain a $ 5.2 billion loan.
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