11 February 2013

Egyptian Pound Remains Stable Against Dollar

The Egyptian pound has maintained stability against the dollar, standing at EGP 6.74 for the second week running, amid dropped demand on the dollar.

This comes at a time when banks have started to enforce the decision of the Central Bank of Egypt (CBE) enabling the Egyptian expatriates to remit their savings or part of them into the country.

Bankers see that this step by CBE Governor Hisham Ramez has led to stability of the pound rate of exchange against the US dollar.

However, there remains the key step, mainly stability of the political situation and speeding up steps to finalize an agreement with the IMF which would pump $ 4.8 billion into the Egyptian economy.

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