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The Egyptian pound will witness for the first time in more than two years a considerable and unprecedented rise in its value, thanks to the influx of foreign funds from abroad. The currency was currently trading at 17.34 dollars against 17.85 USD during the month of January.
Jumping the pound against the dollar
Hani Farahat, an economist at the Egyptian investment bank CI Capital, said that most indicators, such as tourism and exports, as well as domestic natural gas production and foreign investment, were improving. slightly.
"Immediately after the cancellation of the transfer mechanism, all capital inflows into the country are directly reflected in interbank liquidity, which is also reflected in the volatility of the pound sterling against the dollar," Farahat said. , believing that the conversion mechanism had been delayed, even if it had been canceled a year ago. Period
"The rise in inflows is due to the growing appetite for Egyptian treasury instruments, as some traders want to take advantage of interest differentials and improve the balance of payments," said Alan Sandeep, head of research at Naeem Brokerage.
"The recovery of exports of liquefied natural gas (LNG) abroad is worth $ 2 billion a year," he said, after Egypt imported about $ 3 billion a year .
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