With the end of trading today … the Egyptian pound continues to rise against the dollar

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The US dollar recorded a new decline, today, Wednesday, against the Egyptian pound.

Just so Central Bank BulletinToday, Wednesday, the average price of the dollar reached 15.54 for purchase, and 15.66 for sale, compared to the prices of the Central Bank yesterday, as the average price of the dollar recorded 15.56 pounds for purchase, and 15.68 piasters for sale.
The dollar fell today in most public and private banks during transactions, and the value of the decline ranged between a penny and two piasters.

The dollar is declining against the pound, as a result of several factors, including the increase in remittances of Egyptians abroad, and the Central Bank of Egypt announced that Egypt achieved two billion dollars in remittances from Egyptians working abroad in November 2019, up from $ 1.9 billion in November 2018.

The bank added that these transfers represent an annual increase of 12.1 percent. Remittances from Egyptians working abroad are a major source of foreign currency for Egypt.

The bank’s preliminary data showed that the transfers of Egyptians working abroad increased by 128.9 million dollars last November, at an annual rate of 6.8% compared to the same month in 2018.

The Central pointed out that Egyptians’ remittances abroad increased by that during the period from the first of July to November 2019 (the first five months of the fiscal year 2019-2020) to about $ 11.1 billion, compared to about $ 9.9 billion during the same period of the last fiscal year , An increase of about $ 1.2 billion, or 12.1%.

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