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FinancialNews


  • 18-03-19

    Egyptian currency strengthens to break record

    (MENAFN) Egypt's national currency recorded on Sunday a solid performance to break a high record from two years ago.

    This significant surge in the Egyptian pound is attributed by a boost seen in foreign funds flowing into the country.

    On Sunday, the Egyptian pound traded at 17.34 to the dollar to register a jump by over 3 percent compared to 17.86 posted in January 22nd.

    Top CI Capital economist Hany Farahat suggested "you're seeing most of the indicators improving," adding that "tourism, exports, substitution of natural gas imports with domestic production, remittances are at a peak, FDI is improving slightly."

    MENAFN1803201900450000ID1098268223

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