Cairo – Mubasher: The exchange rate of the US dollar against the Egyptian pound declined on Sunday at the Egyptian banks currency systems as it trades between EGP 15 to EGP 16.
Such decline followed the approval of the executive board of the International Monetary Fund (IMF) to grant Egypt a fund facility of $12 billion over three years.
Egypt suffers from remarkable decline in FX reserves as it slide from $36 billion before 25 January uprising in 2011, to $19 billion by the end of October 2016.
The Central Bank of Egypt said it expects to receive the first tranche of the IMF loan this week, which will raise the country’s FX reserves to $23.5 billion.
The USD – EGP pair are traded at 15.9, 16.7 for buy and sell sides respectively at the Egyptian Housing and Development Bank, while they are traded at 15.61, 15.91 at Banque Misr.
