The dollar rose against the Egyptian pound during trading on Tuesday, March 16, 2021, in banks and exchange companies.
The egyptian currency fell against the pound, the Saudi riyal, the Uae dirham and the Kuwaiti dinar, while the European currency rose.
Dollar Price in Egypt
The average dollar price at the Central Bank of Egypt on Tuesday, rose to 15.65 pounds for purchase and 15.75 pounds for sale, compared to 15.63 pounds for purchase and 15.73 pounds for sale, on Monday.
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.
According to the “Al Ain News” survey on prices in 29 banks, the average price of the dollar, tuesday, rose at about 15.65 pounds for purchase and 15.75 pounds for sale.
Highest dollar price in Egypt
The dollar recorded the highest price at 15.66 pounds to buy, and 15.76 pounds for sale at 14 banks, including International Commercial, Emirates Dubai, HSBC, Kuwait National, Orient, Suez Canal, Mashreq, Al Baraka and United National.
The dollar at Al Ahli Bank of Egypt and Egypt (the two largest government banks) settled at about 15.64 pounds for purchase and 15.74 pounds for sale, the lowest price for the dollar in Egypt.
Egyptian remittances rise abroad
Remittances from Egyptians working abroad increased by 10.5% by $2.8 billion in 2020 to $29.6 billion.
In 2019, remittances from Egyptians working abroad recorded about $26.8 billion, according to data from the Central Bank of Egypt, released Monday.
The data showed that remittances increased during the fourth quarter of 2020, by about $529.2 million to $7.5 billion.
Eur and GBP prices
The euro fell at the Central Bank of Egypt, on Tuesday, to 18.67 pounds to buy and 18.79 pounds for sale, compared to 18.68 pounds for purchase and 18.81 pounds for sale, on Monday.
The average price of sterling rose to 21.77 pounds for purchase and 21.92 pounds for sale, compared to 21.76 pounds for purchase and 21.91 pounds for sale.
Prices of rial, dirham and dinar
The average price of the Saudi riyal at the Central Bank of Egypt rose to 4.174 pounds for purchase and 4.201 pounds for sale, compared to 4.16 pounds for purchase, and 4.19 pounds for sale, yesterday.
The average price of the AED increased to 4.26 pounds for purchase, and 4.29 pounds for sale, compared to 4.25 pounds for purchase and 4.28 pounds for sale.
The average price of the Kuwaiti dinar at the central bank also increased to 51.83 pounds for purchase and 52.17 pounds for sale, compared to 51.76 pounds for purchase, and about 52.11 pounds for sale, yesterday.
Salary increases and minimum wage increases
Egyptian President Abdel Fattah al-Sisi on Monday increased the salaries of all government workers by 37 billion pounds ($2.3 billion).
It was also decided to raise the minimum wage to 2,400 pounds (about $154), and the Egyptian president issued a declaration of two highs (periodic salary increases) at a cost of about 7.5 billion pounds.
The first is for civil servants with 7% of the job pay, and the second for non-civil servants at 13% of the base salary.
It was also decided to increase the value of pensions by about 13% at a total cost of about 31 billion pounds, and the number of employees of the Egyptian government apparatus is about 6 million.
An estimated EGP 1.5 billion financial incentive programme has also been allocated to workers transferred to the new administrative capital.
Egypt’s budget for fiscal year 2020-2021, which ends July 1, was 2.2 trillion pounds ($136.4 billion), an increase of 138.6 billion pounds over the 2020/19 budget.