Tuesday, June 25, 2019
Home Business "Bad news" for the Egyptian pound against the dollar in the budget

"Bad news" for the Egyptian pound against the dollar in the budget

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The ministry estimated in a semi-annual report the average local currency exchange rate at 18 pounds per dollar in the fiscal year ending June 30, instead of 17.25 pounds in the previous estimate, according to Reuters.

Their average interest rate on government bonds and bonds increased to 18.6 percent from 14.7 percent.

The Egyptian currency has strengthened against the dollar since late January, and recorded today 17.605 to the dollar, compared with 17.960 pounds on 23 December.

Last December, Egypt ended the mechanism that guaranteed foreign investors wishing to sell their Egyptian securities to transfer their money abroad in dollars. Egypt released the dollar in December.

Egypt has been carrying out a series of austerity measures under the terms of a $ 12 billion loan program from the International Monetary Fund, which it signed in late 2016.

The central bank kept key interest rates unchanged at last December's meeting.

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The ministry estimated in a semi-annual report the average local currency exchange rate at 18 pounds per dollar in the fiscal year ending June 30, instead of 17.25 pounds in the previous estimate, according to Reuters.

Their average interest rate on government bonds and bonds increased to 18.6 percent from 14.7 percent.

The Egyptian currency has strengthened against the dollar since late January, and recorded today 17.605 to the dollar, compared with 17.960 pounds on 23 December.

Last December, Egypt ended the mechanism that guaranteed foreign investors wishing to sell their Egyptian securities to transfer their money abroad in dollars. Egypt released the dollar in December.

Egypt has been carrying out a series of austerity measures under the terms of a $ 12 billion loan program from the International Monetary Fund, which it signed in late 2016.

The central bank kept key interest rates unchanged at last December's meeting.

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