Latest in Tag: currency Highlight
Latest in Tag: currency
Currency exchange rates see relative stability after Eid El-Fitr break
By Waleed Abdel Azim The exchange rates of different currencies have stabilised during the Eid holiday and demand has not increased for any of the major currencies. The US dollar recorded a rate of 6.08, the Euro recorded a rate of 7.55 and the GB pound recorded a rate of 9.85 to the Egyptian pound. …
Radwan to al-Arabiya: IMF expects Egypt to devalue its currency
By Islam Serour Former Finance Minister Dr Samir Radwan told al-Arabiya News that he expects the International Monetary Fund (IMF) to demand that Egypt devalue the Egyptian pound. However, Radwan stressed that there should be new steps to inject new investments into the Egyptian economy in order to overcome such critical phase. Angus Blair, founder …
Currency market witnesses relative stability
By Inaam Al-Adawy The presidential election has cast its shadow on the local exchange market, pushing the dollar to relative stability amidst expectations that it will fall with the announcement of the election result and the subsequent stabilization of the political situation. Ali Al-Hariri, Deputy of Cair’so Chamber of Commerce Exchange Department, said that the …
Egyptian pound falters after Constitutional rulings
By Ayat Al-Battawy The political chaos in Egypt that followed the Constitutional Court’s decision to dissolve parliament is being directly reflected in the local exchange market. The pound lost one piaster relative to the dollar as soon as the dissolution of parliament was announced. It approached its highest rate since the revolution and the record …
ANALYSIS: Egypt shouldn’t let the pound slide just yet
By Una Galani /Reuters DUBAI: Egypt’s pound still looks vulnerable. Supporting the currency so far has been a costly strategy. Along with a decline in tourism and foreign direct investment, foreign exchange reserves have shrunk around 40 percent or by roughly $16 billion. But the decision may have helped avert a bigger capital flight. Furthermore, it …