Egyptian pound continues its decline

CAIRO – 6 March 2017: The Egyptian pound continued declining amid the increase in demand by importers before Ramadan, the Muslim month of fasting, which will start in May,

Reuters

reported.


At banks, the highest price of the dollar on Monday reached EGP 16.9 for buying and EGP 16.85 for selling, compared to EGP 16.2 and EGP 16.1 the previous week.


A banker told Reuters that now is the time when importers make deals to buy goods for Ramadan, resulting in increasing demand for dollars during the last two weeks.


In November 2016, the Central Bank of Egypt (CBE) floated the local currency as a step to resolve the foreign currency crisis and draw international investment to the country after five years of political turmoil and economic crisis.