Banque Misr buys $90M as EGP appreciates

CAIRO – 7 July 2017: Banque Misr collected $90 million on Thursday after Egyptians tended to sell U.S. dollars as the pound started to strengthen against the dollar, the bank’s chairman said.

Mohamed Eletreby added that the rest of banks also received $710 million on Wednesday.

Speaking at a forum organized by the Canada Egypt Business Council (CEBC), Eletreby noted that Egypt is on the right track, where imports are decreasing and exports are increasing.

The Egyptian pound strengthened slightly against the U.S. dollar in Thursday’s banking transactions. The U.S. dollar exchange stood at an average of LE 17.82 for buying and LE 17.92 for selling, compared to an average of LE 17.84 for buying and LE 17.94 for selling recorded on Wednesday.

This week the Egyptian pound broke the LE 18 per dollar barrier for the first time in six months. The dollar had ranged between LE 18.4 to LE 18.15 over the past six months.