Egyptian pound achieved great performance against USD compared to emerging markets – Bloomberg

CAIRO, 12 June 2020: 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 US dollar has fetched EGP 16.18 during the second week of June compared to 16.05 in the same period in 2019.

The Egyptian pound performed better than the Russian ruble, Turkish lira, South African rand, Brazilian real, Argentine peso and Mexican peso, Bloomberg said.

Traders in the foreign exchange market assert that this comes as the Egyptian economy is being established on strong basis as well as the Egyptian Central Bank’s ability to provide a huge foreign currency reserve that exceeded US dlrs 45 billion just before the coronavirus crisis.

Head of the treasury department at the Industrial Development and Workers Bank of Egypt Haitham Adel said that the reform program implemented by the Egyptian government has helped the country to diversify its foreign currency resources.