Why has the dollar lost 8 piastres of its price since February 1? A banking expert lists the reasons

Banking expert Dr Mohamed Abdel-Aal attributed the decline in the dollar’s exchange rate against the Egyptian pound of around 8 piastres since February 1 to Egypt’s success in marketing bonds in dollars in bond markets of about $ 3.75 billion, which helped to strengthen foreign currency reserves and finance budgetary needs.

Abdel-Aal cited to Al-Masry Al-Youm other reasons for the decline in the dollar’s exchange rate, including the Egyptian pound’s continued achievement of the highest real return among emerging market currencies, which increases its attractiveness (the pound) in the eyes of workers abroad, and in the eyes of those who wish to invest.

The banking expert explained that the recovery of foreign currency sources, the reduction in the import bill and the growth of international currency reserves, as well as the increase in remittances from Egyptians abroad, were reflected in dollar exchange rates.

The dollar’s exchange rate fell against the Egyptian pound, amid transactions (Thursday), to lose around two piastres at a number of banks operating in the local market, compared to prices advertised in the from yesterday’s transactions (Wednesday).

The dollar price at Misr Bank recorded 15.58 pounds to buy and 15.68 pounds to sell, according to what is reported on the bank’s official website.