75 Days
Source:
المصري اليوم
_1777352142843_145525226.png&w=64&q=75){kind=small}
Pound Weakens Against Dollar Amid Strong Wave of Selling in Hot Money During the Week
The past week witnessed a stark outflow of hot money from the Egyptian market, with net inflows totaling 73.5 billion Egyptian pounds, or over 1.4 billion U.S. dollars. Meanwhile, foreign investors continued to sell government debt instruments, amounting to more than 71.2 billion Egyptian pounds. Despite the escalation between the United States and Iran in the Middle East, which has led to reciprocal strikes in Syria and the Gulf of Arabia, these capital flows were not significantly affected. The exchange rate of the dollar against the Egyptian pound in the largest state-owned banks ranged between 50.50 and 50.60 pounds, recording an increase of 85 piastres over the week. This indicates a decline in confidence within the markets amid rising regional tensions, with expectations of further currency fluctuations and financial asset volatility.
Size: 120%Text Size
Notice: This Is an AI-Generated Summary
Comments (0)