Repatriating profits of foreign companies pushes Egyptian pound down against US dollar

Hossam Mounir
1 Min Read
The average dollar exchange rate in the informal market on Monday was EGP 8.95 (AFP Photo)

The price of the national currency saw devaluation on Wednesday, reaching EGP 17.8201 for buying and EGP 18.1659 for selling against the US dollar. The price on Tuesday stood at EGP 17.6749 for buying and EGP 18.0619 for selling.

The price of the greenback has been increasing since Sunday, winning about EGP 0.13 since.

The head of treasury at a bank in Egypt attributed the increase to foreign companies demanding hard cash to repatriate their profits abroad, which led banks to raise the price of the greenback to attract more liquidity and cover the demand.

He noted that the demand is higher at some banks compared to others, which explains why the price varies from one bank to another.

Some banks have raised the price of the US dollar by almost EGP 0.30, hitting EGP 17.95 for buying and EGP 18-5-18.75 for selling.


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