Cairo – Mubasher: The rise in foreign investments in the Egyptian debt instruments has helped the Egyptian pound rise to a new record level, the Egyptian Ministry of Finance said on its Facebook page on Tuesday.
Moreover, the recovery of tourism revenues as well as the increase in remittances from Egyptian expatriates also contributed to the appreciation of the EGP against the US dollar, the ministry added.
On Monday, the US dollar exchange rate against the EGP fell to its lowest level since February 2017 below EGP 16.
According to the CBE, the US dollar reached EGP 15.96 for buying and EGP 16.09 for selling.
During fiscal year 2018/2019, tourism income hiked to $12.6 billion, compared to $9.8 billion a year earlier.
In addition, during the first quarter of FY19/20, remittances from Egyptians abroad rose by 13.6% year-on-year, or $803.6 million, to $6.7 billion.
