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Tourism، energy inflows boost Egypt's pound as most EM currencies struggle

Thursday 23/May/2019 - 02:38 PM
File Photo
File Photo
Edited By: Nada Moustafa

The Egyptian pound hit a two-year high on Thursday، bucking a downtrend among emerging market currencies with help from inflows in the tourism and energy sectors، Reuters reported

The pound traded at 16.8725 per dollar at 12:30 p.m. on Thursday، having risen through the 17 barrier on Wednesday to close at 16.995، according to a Central Bank average of all bids and offers.

While the deepening trade conflict war between the United States and China has generally heaped pressure on emerging currencies، the pound has risen nearly 5% against the dollar since the beginning of the year.

Egypt’s central bank has attributed its strength to “foreign exchange inflows from multiple sources”.

Purchases from abroad of Egyptian treasury bills have surged since late 2016 when the central bank floated the pound، then pegged at 8.8 to the dollar، under the terms of a deal with the International Monetary Fund.

Tourism revenues and remittances from Egyptians working overseas have also risen sharply، and large natural gas discoveries off the country’s Mediterranean coast have changed Egypt from a net gas importer to a net exporter.





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