Egypt Daily News – The dollar prices rose by about 20 piasters at the end of today’s transactions in the banks, reaching 49 pounds for the first time in some banks since the exchange rate was liberalized last March. It increased by about 19 piasters in the National Bank and Bank of Egypt, reaching 48.88 pounds for buying and 48.98 pounds for selling.
It rose in both the Commercial International Bank by about 18 piasters to reach 48.89 pounds for buying and 48.99 pounds for selling, and recorded in the Arab African International Bank 48.80 pounds for buying and 84.90 pounds for selling.
It increased at Abu Dhabi Islamic Bank and Crédit Agricole Bank to reach 49.94 EGP for buying and 49.03 EGP for selling.
The International Monetary Fund (IMF) mission is expected to visit Egypt next week to discuss the fourth review of the program. Finance Minister Ahmed Kouchouk expressed during a Cabinet meeting Egypt’s anticipation for positive and constructive consultations during the targeted visit of the IMF mission as part of the “fourth review” of the economic reform program in the upcoming period.
Jihad Azour, Director of the Middle East and Central Asia Department at the International Monetary Fund, expected that economic conditions in Egypt would improve, noting that the Fund’s program with Cairo is moving in the right direction “but it is too early to discuss any changes in the value of the loan.”
Azour added, that the program is moving in the right direction and achieving its goals gradually, whether in terms of recovering growth, the gradual decline of inflation, or the normal performance of the foreign exchange market.
