The dollar price dropped from EGP 15.99 for buying and EGP 16.09 for selling on January 1 to EGP 15.59 for buying and 15.69 for selling by the end of this week.

Besides the strong performance of the Egyptian pound, bankers attributed the decline in the dollar exchange rate to a rise in inflows of hard currencies, as well as direct and indirect foreign investments.

The CBE recently announced an increase in remittances of Egyptian expats to a record high during the fiscal year 2019-2020, reaching 27.8 billion dollars. This is an 11-percent rise on the year before, the CBE noted.

Bloomberg data showed that the Egyptian pound is the second strongest performer against the dollar in 2020.