### Egyptian Pound Recovers Against Dollar: Recent Exchange Rates and Financial Outlook
#### Finance Minister Reports Positive Indicators in FY 2023/24 Budget
After a period of decline, the Egyptian pound has regained strength against the U.S. dollar and a range of global and Arab currencies. Just days ago, the dollar was trading close to 49 pounds, but recent transactions have seen it settle between 48.60 and 48.80 pounds.
On Tuesday, the highest dollar exchange rate at the Egyptian Export Development Bank was 48.73 pounds for buying and 48.83 pounds for selling. At 12 banks, led by the National Bank of Egypt and Banque Misr, the average dollar exchange rate was 48.68 pounds for buying and 48.78 pounds for selling. The Central Bank of Egypt reported a dollar rate of 48.68 pounds for buying and 48.81 pounds for selling.
The highest euro exchange rate was at Qatar National Bank, where it stood at 54.49 pounds for buying and 54.69 pounds for selling. At the Central Bank of Egypt, the rate remained at 54.37 pounds for buying and 54.53 pounds for selling. The euro exchange rate at the National Bank of Egypt and Banque Misr was stable at 54.33 pounds for buying and 54.50 pounds for selling. The lowest euro rate was at the United Bank, at 54.06 pounds for buying and 54.50 pounds for selling.
The highest exchange rate for the British pound was 64.34 pounds for buying and 64.56 pounds for selling at Qatar National Bank. At the National Bank of Egypt and Banque Misr, it was stable at 64.17 pounds for buying and 64.46 pounds for selling.
Regionally, the Saudi riyal exchange rate was stable at 12.95 pounds for buying and 13.01 pounds for selling. The Kuwaiti dinar was at 158.96 pounds for buying and 159.75 pounds for selling. The UAE dirham was at 13.24 pounds for buying and 13.28 pounds for selling, while the Qatari riyal was at 12.47 pounds for buying and 13.40 pounds for selling.
In recent statements, Egyptian Finance Minister Ahmed Kouchouk confirmed that Egypt’s economic situation is stabilizing and emphasized the government’s commitment to attracting private investments. He highlighted positive financial indicators in the budget for the fiscal year ending in June 2024, including reducing the budget deficit to 6.1% and achieving a primary surplus of 3.6%, including returns from the Suez Canal.
Kouchouk added, “This encourages us to continue the path of economic reform amidst global and regional challenges that we recognize and are actively working to manage. We aim to improve financial risk management to mitigate the negative effects of economic downturns on various sectors and citizens.”
He noted that the Egyptian government is pursuing a comprehensive and coherent strategy to enhance the competitiveness of the Egyptian economy and promote exports and investment. The government is focused on making fiscal policy more stimulating to increase the role and contributions of the private sector, optimizing the advantages of advanced infrastructure and investment incentives to deepen domestic production and manufacturing.
By/radwa sherif ✏️✏️📚