The dollar exchange rate against the pound continued its decline this evening, Wednesday, February 19, 2020, in its last dealings with official banks, to record a decline of about 4 piasters during two days and settle at 15.55 pounds for purchase, and 15.65 pounds for sale at the central bank.
The price of the dollar in the National Bank was 15.57 pounds for purchase, 15.67 pounds for sale, Banque Misr 15.57 pounds for purchase, 15.67 pounds for sale, and Alexandria Bank 15.55 pounds for purchase and 15.65 pounds for sale.
The volume of foreign exchange reserve balances with the Central Bank of Egypt increased at the end of December 2019 to $ 45.420 billion, compared to $ 45.354 billion, an increase of about $ 66 million.
According to a recent report issued by the Central Bank, Egypt imports an equivalent of an average of $ 5 billion a month of goods and products from abroad, with an annual total estimated at more than $ 55 billion, and therefore the current average of foreign exchange reserves covers about 8 months of merchandise imports to Egypt It is higher than the global average of about 3 months of merchandise imports to Egypt, to secure Egypt’s basic and strategic commodities needs.
Foreign currencies in Egypt’s foreign reserves consist of a basket of the main international currencies, which are the US dollar, the unified European currency, the euro, the British pound, the Japanese yen, and the Chinese yuan, a percentage of which Egypt’s holdings are distributed on the basis of the exchange rates of these currencies and their stability in international markets, and they change According to a plan developed by the Central Bank of Egypt.