The dollar is down 5 pence against the pound last week

The dollar continued its decline against the Egyptian pound during last week's trade, recording an exchange rate of 5 piastres to record the exchange rate of the dollar against the pound sterling on Thursday, against 17.39 pounds sterling on Sunday.

In a special "seventh-day" statement, banking sources attributed the decline of the dollar against the pound sterling to foreign currency inflows, particularly to funds in the financial portfolios, to the improvement in dollar resources for the dollar. Egypt and the inflow of foreign investment funds in the Egyptian financial markets.

Since the publication of the exchange rate on November 3, 2016, the supply and demand mechanism has served as a basis for determining the dollar against the pound sterling in domestically operating banks.

With the end of the black market and speculation on the currency, with the liberalization of the exchange rate on November 3, 2016, the rate of sale of hard currency to the Egyptian banks has increased and the total remittances of Egyptians working at the Foreigners recorded about $ 26 billion a year, which reflects the Egyptians' confidence in the Egyptian banking system. Positive result of the decision to liberalize the exchange rate of the Egyptian pound.