“The move will result in some short-term economic pain but it will help to get an IMF deal over the line and go a long way to restoring macroeconomic stability,” it stated.
He noted during Egypt’s Economic Conference that the CBE enjoys complete independence, and at the same time there is coordination with the government and the private sector as well.
The US dollar rate increased by 5 piasters for buying and selling.
The economics company also anticipated a 16 percent decrease by the end of 2024 to record 25 per dollar.
"The exchange rate was corrected due to the Ukrainian war in March and as a result foreign exchange earnings increased,” the CBE’s governor stated.
Hariri noted that a large group of customers untied their dollar-saved bank deposits and bought Egyptian pounds to benefit from the proceeds of the one-year certificates offered by the two state-owned banks.
The dollar rate registered LE 18.45 for buying and LE 18.55 for selling at the Commercial International Bank (CIB).
Egypt's foreign cash reserves have been on the rise since June 2020.
The Media Center of the Cabinet said in a statement, that it had contacted the Central Bank of Egypt, which denied the news, stressing that it was untrue to cancel dealing with the pound banknote in the markets.
The exchange rate has witnessed a continuous decline since June 2020, to record LE 15.7 in November, to stabilize until February 2021.
A report published by the center said the exchange rate is one of the key indicators of economic strength of world countries.
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.
The dollar rate declined to its lowest rate at Credit Agricole registering LE 15.80 for buying and LE 15.90 for selling
The Egyptian pound is the least affected by the coronavirus ramifications, a matter which proves the State's successful policies at the economic level, according to an infographic.
In exclusive statements to MENA, Head of Research at EFG Hermes Ahmed Shams El Din said this is considered the first hike in foreign currency reserves since the outbreak of COVID-19 in March.
The optimistic expectations are backed by the increase in the foreign currency in Egypt due to the return of tourism and foreign investment.
The dollar rate declined one piaster, standing at LE 16.1 for buying and LE 16.2 for selling, according to a statement by the National Bank of Egypt.
The Egyptian pound has achieved a great performance against the US dollar since the beginning of 2020 compared to other emerging markets despite the coronavirus pandemic that is rocking the whole world, Bloomberg statistics noted on Thursday.
The report affirmed that the immediate concern for the IMF is likely to be the exchange rate.
It clarified the decline will take place as the Egyptian authorities would loosen their grip on the pound over the coming weeks.