2 Days
Source:
مصراوي
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Foreign withdrawals reach $3.12B
The Egyptian market experienced a significant increase in interbank transactions between banks during this week, reaching approximately $3.12 billion, a 62% rise compared to the previous week, which recorded $1.93 billion. The rise is attributed to foreign investors divesting from local treasury bills, which increased pressure on the Egyptian pound and led to a decline in its value, with the dollar surpassing 55 pounds for the first time—an all-time high. Foreign investments in treasury bills rose by about $19 billion in May and June, after losing $15 billion in March and April due to regional tensions. Egypt follows a flexible exchange rate system that allows the value of the pound to fluctuate based on foreign currency inflows and demand, with ongoing pressures on the local currency caused by foreign capital inflows into government debt instruments.
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