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Pound recovers as dollar dips
The US dollar declined against the Egyptian pound by approximately 25 piastres during today's trading, recording around 51.37 pounds for purchase and 51.47 pounds for sale, after surpassing the 52-pound level last week. This improvement is attributed to an increase in international dollar market transactions exceeding one billion dollars over the past three days, supported by the entry of foreign investors purchasing local debt instruments. Additionally, the high returns on Egyptian treasury bills, which have exceeded 25% and are among the highest yields in emerging markets, enhance the attractiveness of foreign investment in Egyptian debt instruments. The rise in hot money inflows, amounting to nearly $40 billion, and the recovery of remittances from Egyptians working abroad— which increased by 28.1%—also contributed to supporting the pound. Despite geopolitical tensions affecting the exchange rate, dollar movements remain within the safe limits set by the Central Bank, with fluctuations still ranging within a 10% band, and the overall sideways trend continuing without significant changes in the price level.
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