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Tuesday, 19 May 2020

EGP eases to three-month lows against the greenback

EGP WATCH- EGP eases to three-month lows against the greenback: The EGP dipped yesterday to its lowest level against the USD since early February, according to Refinitiv data picked up by Reuters. The currency fell to intraday lows of 15.83 from 15.72 at the start of the session. Central bank data shows the EGP falling to 15.72 against the USD from 15.68 on Sunday (pdf).

The EGP has held firm since the onset of the covid-19 pandemic, despite the closure of the tourism sector and large outflows of foreign investment. Foreign investors have pulled USD 17 bn from Egypt over the past two months and dumped half of their holdings in local currency treasury bills. The EGP has lost less than half of its gains against the greenback during the first seven weeks of the year when it climbed more than 3% to 15.49 to the USD.

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