Foreign cash flows record $24.76B since January

CAIRO – 16 May 2019: Total foreign cash flows to Egypt have reached $24.765 billion from January to present, which confirms confidence in the performance of the Egyptian economy, according to assistant undersecretary of the Central Bank of Egypt for managing cash markets and investing in international reserves.

The US dollar exchange rate continued its downward trend at the close of transaction at major banks on Wednesday.

At the National Bank of Egypt, Banque Misr and the Arab African International Bank, the dollar rate went down by two piasters recording LE 17.1 for buying and LE 17.10 for selling. The dollar price stood at LE 16.99 for buying and LE 17.09 for selling at the Commercial International Bank.

The dollar exchange rate has declined 86 piasters since January 2019, backed by foreign cash flows from several sources.

In April, Governor of the Central Bank of Egypt (CBE) Tarek Amer said foreign cash flows from different sources have recorded $130 billion since the Egyptian pound exchange rate liberation in November 2016.

The exchange rate in Egyptian banks is determined according to the mechanism of supply and demand, and the more dollar supply is and the less the demand is, the lower the dollar is.