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Egyptian banks see dollar above 55 pounds
The exchange rate of the US dollar in Egypt has surpassed 55 pounds for the first time in the country's history, reaching some banks such as SAIB, HSBC, and Abu Dhabi Islamic at levels of 55.15 pounds for buying and 55.25 pounds for selling. Meanwhile, the lowest rate was recorded at National Bank of Qatar, at 53.05 pounds for buying and 53.15 pounds for selling. This rise occurs amid a decline in foreign currency reserves, which fell to $57.35 billion in September, amid continued outflows of hot money from the Egyptian market, with the net sales in the secondary government debt market amounting to $376.4 million yesterday, after positive inflows during the past two weeks. Despite this, Egypt’s foreign exchange reserves have increased significantly—by $134 million during September—due to improvements in exports, tourism income, remittances from Egyptians abroad, and increased revenue from the Suez Canal.
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