The price of the dollar in Egypt on Sunday, November 29, 2020

 The average exchange rate of the dollar against the Egyptian pound on Sunday 29 November 2020 in most banks, ATMs and exchange companies.

The Egyptian currency market is experiencing a great stability, after a successive decline of the dollar, and the average exchange rate of the dollar in the market, on Sunday, at about 15.60 pounds to buy, and about 15.70 pounds for sale, for the fourth day in a row, according to the website of the Central Bank of Egypt.

While the average price of the dollar against the Egyptian pound, in the morning trading on Sunday, in banks and exchange companies, about 15.61 pounds to buy and about 15.71 pounds for sale, according to a survey conducted by "Al Ain News", on the prices of the dollar in 29 banks.

The prices of Arab and foreign currencies, according to average currency rates in the Egyptian market, have also stabilized on the website of the Central Bank of Egypt.

Highest price for the dollar

The dollar-denominated pound was the highest price at around EGP 15.61 to buy and about EGP 15.71 for sale at 24 banks, including ADIB, Emirates NBD, Kuwait National, International Commercial, Alexandria, HSBC, Odeh, Arab Investment, Egyptian Gulf and United National.

At the National Bank of Egypt (the largest government bank), the exchange rate of the dollar against the Egyptian pound stabilized at about 15.59 pounds for purchase and about 15.69 pounds for sale, the same rate as the Bank of Egypt (the second largest government bank), for the fourth day in a row.

Great success to rationalize support

Egypt has successfully achieved the most difficult items of the economic reform plan through intelligent rationalization of subsidies over the past fiscal year.

According to data from the Egyptian Ministry of Finance, on Saturday, Egypt has achieved great success in reducing fuel and commodity subsidies and exceeded expectations during the last fiscal year 2019/2020.

The Egyptian government succeeded in reducing oil subsidies by 77%, to 18.6 billion pounds, and subsidies for food commodities decreased by 7.6% to 80.4 billion pounds.

The International Monetary Fund (IMF) announced last Sunday that the Egyptian economy has the second largest economic growth rate in the world in 2020 with a growth rate of 3.6%, stressing that it exceeds expectations thanks to government measures that contributed to reducing the repercussions of the pandemic.

Net foreign reserves rose to $39.22 billion at the end of October 2020, compared with $38.425 billion at the end of September, up about $790 million, according to data from the Central Bank of Egypt.

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