The price of the Egyptian pound against the US dollar and a basket of other currencies witnessed a noticeable improvement according to the latest updates on screens displaying currency rates against the Egyptian pound. This came at a time when gold prices collapsed locally and globally.
The exchange rate of the US dollar against the pound declined in Egypt at the end of trading on Monday, after a series of rises that pushed the price of the US currency above the level of 49 pounds.
This decline comes in conjunction with the Central Bank of Egypt’s announcement today that remittances from Egyptians working abroad increased for the sixth month in a row during August 2024, reaching $2.6 billion, an increase of 65.5% compared to about $1.6 billion in August 2023.
According to what the bank reported, remittances from workers abroad increased during July and August of the same year by 76.2%, reaching $5.6 billion, compared to $3.2 billion in the same period of the previous year.
Over the first eight months of 2024 (January to August), remittances from workers abroad amounted to about $18.1 billion, recording an increase of 36.4% compared to $13.3 billion in the same period in 2023.
The Central Bank had revealed an increase in Egypt’s net foreign reserves during last October, as they rose by $205 million, reaching $46.942 billion, compared to $46.737 billion last September.
New treasury bills
Regarding government financing, the Central Bank indicated that Egypt sold one-year euro-denominated treasury bills worth 642.8 million euros, with an average return of 3.5%. It also offered one-year dollar treasury bills worth $1.57 billion, with an average return of 4.5%. These bills will replace another outstanding $1.6 billion in treasury bills, which previously yielded 5.149%.
Sources reported to Al Arabiya Business website that Egypt intends to repay dollar bonds worth $1.32 billion, representing debts owed since their issuance in 2016, which carried a return of 6.75% when issued.
The dollar today against the Egyptian pound
The highest price for the dollar was recorded today in Egypt at Abu Dhabi Islamic Bank, where it reached the level of 49.23 pounds for purchase and 49.32 pounds for sale.
In other banks, such as the National Bank of Egypt, the largest government bank in Egypt, the price of the dollar reached 49.14 pounds for purchase, and the selling price at 49.24 pounds.
Global gold
Gold futures are now down 2.7% to $2,621 an ounce.
Meanwhile, spot gold contracts fell by 2.6% to the level of $2,614 per ounce.
On the other hand, dollar index contracts rose by 0.55% to 105.46 points.
Meanwhile, Brent crude futures fell by 3% to $71.6 per barrel.
While West Texas Intermediate crude contracts fell by 3.3% to the level of $68 per barrel.
Local gold
Locally, gold prices in Egypt, updated daily, recorded a noticeable decline, as a gram of 24 karat gold recorded about 4,189 pounds, and a gram of 21 karat gold recorded about 3,665 pounds.
