EGP among best world currencies against dollars in 4 years: Egyptian Cabinet

EGP among best world currencies against dollars in 4 years: Egyptian Cabinet Mon, Feb. 15, 2021
CAIRO -15 February 2021: The Cabinet's media center said Monday the Egyptian pound showed a strong performance in 2020 and even reached gains before the US dollar despite the coronavirus crisis.

A report published by the center said the exchange rate is one of the key indicators of economic strength of world countries. International institutions measure the currency performance, in terms of highs and lows against the US dollar during a specific time, to assess the quality of economic performance and monetary policies adopted by world nations, the report said.

Egypt, in its successful economic reform program, has supported monetary policies and improved tools used in their implementation and this reflected a gradual improvement of the Egyptian pound performance against the dollar since the start of the program late in 2016. This has made international institutions deal with the Egyptian pound as one of the best performing world currencies against the dollar which helped attract more investments and capital with the continuous production rate and mega national projects.

The exchange rate of the US dollar against the Egyptian pound from late January 2020 to end of January 2021 registered 15.85 for selling and 15.75 for buying. At the end of February 2020, the dollar recorded 15.66 for selling and 15.56 for buying. At the end of March and April, the dollar registered 15.8 for selling and 15.7 for buying and 15.94 for selling and 15.84 for buying at the end of May.