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The price of the Euro in Egypt on Sunday, December 13, 2020


 

The euro against the Egyptian pound on Sunday stabilized in most banks and in the Central Bank of Egypt.


The stability of the euro, in parallel with the stability of the dollar, sterling, Saudi riyal, The Emirati dirham and the Kuwaiti dinar. 


The average exchange rate of the euro against the pound stabilized at 18.91 pounds for purchase and 19.03 pounds for sale, according to the Central Bank of Egypt's website.


The same price is repeated in most Egyptian banks, the highest price of the European currency.


The lowest price for the euro came at 18.84 pounds for purchase and 19.13 pounds for sale at the Construction and Housing 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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