Euro price in Egypt on Monday, December 14, 2020


The euro rose against the Egyptian pound on Monday, in most banks and in the Central Bank of Egypt.

The rise of the euro came despite relative stability in the prices of the dollar, sterling, Saudi riyal, Emirati dirham and Kuwaiti dinar.

The average exchange rate of the euro against the pound rose at 18.96 pounds to buy and 19.09 pounds for sale, according to the Central Bank of Egypt's website. 

Highest and lowest price 

The European currency recorded the highest price at The Bank of Egypt Iran Development at 18.98 pounds for purchase against 19.26 pounds for sale.

The euro at The National Bank, the largest government bank, registered 18.95 pounds for purchase against EGP 19.11 for sale, the same price at Bank of Egypt.

The lowest euro price came at 18.91 pounds for purchase and 19.08 pounds for sale at Credit Igrecol Bank. 

The stability of the pound

Investment bank Pharos predicted that Egypt will achieve a reduction in inflation and the stability of the pound amid initial signs of real GDP growth.

He said the outlook was good for the remainder of fiscal year 2021/2020, but some fiscal challenges would remain in the next fiscal year, with the budget deficit widening and revenues slowing. 

Real GDP growth will rise to 3.9% in fiscal year 2021/2020 from 3.5% in the last fiscal year, but by 2024/23 it will remain below pre-pandemic levels. 

Pharos expects growth to be driven mainly by mining activity and major national projects by the state. 

Pharos expects the budget deficit to fall to 7.9% in fiscal year 2021/2020, after widening to 9.1% last fiscal year due to increased spending on fiscal stimulus packages. 

Tax revenues are expected to raise government revenues to nearly 1 trillion pounds, from EGP 900 billion in 2020/19, while public spending will rise by 4%, at its weakest pace ever, to 1.5 trillion pounds, according to Pharos. 

This is mainly due to the lower support bill and the debt interest burden. 

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