The euro against the Egyptian pound, during early trading on Sunday, March 14, 2021, stabilized in most banks and the Central Bank.
The euro price at the Central Bank of Egypt remained at 18.71 pounds for purchase and 18.84 pounds for sale.
At the National Bank of Egypt (the largest government bank), the euro recorded 18.64 pounds for purchase and 18.88 pounds for sale.
The same price was repeated at Bank of Egypt (the second largest government bank).
At the World Bank (the largest private bank in Egypt), the euro was priced at 18.62 pounds for purchase and 18.83 pounds for sale.
Egypt’s economic indicators are improving despite the Corona pandemic, amid a state of stability in the exchange market with the availability of foreign exchange.
Egypt succeeded in achieving positive figures during the difficult months of Corona, represented by the growth of the local economy and the improvement of unemployment rates in the domestic market.
Fitch confident in reforms
Last Wednesday, Fitch Credit Rating agency confirmed Egypt’s rating at +B with a stable outlook, driven by optimism about reforms and economic growth.
Fitch said Egypt’s rating and outlook are supported by its recent record of economic and financial reforms.
Fitch expects Egypt to record real GDP growth of 3% by the end of the fiscal year in June 2021.
Fitch projected a marginal increase in the current account deficit in fiscal year 2021-2022.
Egypt’s poverty rate fell to 29.7% in fiscal year 2019-2020 from 32.5% in 2017-2018.
The average annual net income of a family nationwide rose 14.4% to EGP 69.1,000 in 2019-2020 from EGP 60.4,000 in 2017-2018, according to government data.
Data from egypt’s Central Authority for Public Mobilization and Statistics showed that consumer price inflation in cities increased to 4.5% year-on-year in February from 4.3% in January.
On a monthly basis, urban inflation rose 0.2% after falling 0.4%.
Dollar and GBP prices
The average dollar price at the Central Bank of Egypt remained at 15.64 pounds for purchase and 15.74 pounds for sale.
The average pound sterling remained constant at £21.83 for purchase and £21.98 for sale.
Prices of rial, dirham and dinar
The Saudi riyal at the Central Bank of Egypt settled at 4.17 pounds for purchase and 4.19 pounds for sale.
The average price of the AED remained constant at EGP 4.25 for purchase and EGP 4.28 for sale.
The average price of the Kuwaiti dinar remained constant at 51.73 pounds for purchase, and about 52.08 pounds for sale.