Cairo – Mubasher: The US dollar exchange rate is expected to depreciate to EGP 16.50 by mid-2018, economist at CI Capital Holding Noaman Khalid said.
Khalid added, in a broadcast call to Hona Al'asema TV show, that the US dollar exchange rate dropped by 11% from the highest level it reached in March 2017, due to internal factors, including the banks’ increased ability to pay its documentary credits.
The banking sector is seeing an increase in the US dollar liquidity, he continued.
Moreover, Egypt's minister of finance Amr El-Garhy said that the exchange rate is not controlled by the government, but it reflects the economic performance and the status quo.
El-Garhy noted that the depreciation of the customs exchange rate was a result of the Egyptian pound’s recovery and the market’s stability, in addition to the notable surges in US dollar inflows in the banking sector.
The minister on Monday had revealed the government's decision of lowering the customs exchange rate from EGP 16.25 to EGP 16 for a month, starting from 1 September.
