Thursday April 18th, 2024
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Sale of Foreign Currency Through National Bank Reaches EGP 5 Billion

Demand for the sale of foreign currency has increased as confidence in the Egyptian Pound returns.

Cairo Scene

Sale of Foreign Currency Through National Bank Reaches EGP 5 Billion

The total sale of foreign currency through the Al Ahly Exchange Company, a subsidiary of the National Bank of Egypt, has topped EGP five billion since the nation’s currency was floated on March 6th, 2024. Foreign currency exchange transactions amounted to nearly EGP 300 million on April 1st alone.

Demand for the sale of various foreign currencies has increased across the company’s 89 branches, indicating confidence in the Egyptian economy following recent policy implementations and the injection of large sums of foreign currency from various international institutions, including the International Monetary Fund (IMF), The World Bank, and the European Union (EU).

Since the floatation of the Egyptian pound, the gap between foreign currency value on the official and parallel markets has closed, allowing for increased confidence in the local currency thanks to improved stability.

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