CAIRO - 1 November 2020: The US dollar exchange rate went down 35 piasters during the first 10 months of 2020 thanks to a successful monetary policy set by the Central Bank of Egypt (CBE).
The dollar price dropped from LE 15.99 for buying and LE 16.09 for selling on January 1 to LE 15.64 for buying and LE 15.74 for selling on October 31.
Besides the strong performance of the Egyptian pound, bankers attributed the decline in the dollar exchange rate to a rise in inflows of hard currencies, as well as direct and indirect foreign investments.
The CBE recently announced an increase in remittances of Egyptian expats to a record high during the fiscal year 2019-2020, reaching 27.8 billion dollars. This is a 11-percent rise on the year before, the CBE noted.
Bloomberg data showed that the Egyptian pound is the second strongest performer against the dollar in 2020.
Sun, Nov. 1, 2020
