Egyptian Pound Holds Steady Against Major currencies
Cairo, Egypt – The Egyptian pound remained stable against major international currencies on Saturday, December 14, 2024, according to the latest updates from the National Bank of Egypt.
The U.S. dollar held steady at 50.79 pounds for buying and 50.89 pounds for selling. The euro was fixed at 53.17 pounds for buying and 53.57 pounds for selling.The British pound also remained stable, trading at 64.60 pounds for buying and 65.07 pounds for selling.
Regional currencies also saw little movement. The Saudi riyal was fixed at 13.49 pounds for buying and 13.54 pounds for selling. The Kuwaiti dinar remained stable at 164.47 pounds for buying and 165.60 pounds for selling.
Coin image representing various currencies
“Seventh Day” is committed to providing up-to-date information on currency exchange rates in all Egyptian banks and banking markets. We offer immediate updates whenever prices change, ensuring our readers have access to the latest financial data.
Coin image representing various currencies
Egyptian Pound Holds Steady Amidst Global Volatility
Cairo, Egypt – Despite turbulence in the global financial landscape, the Egyptian pound demonstrated resilience on Saturday, December 14, 2024, maintaining its stable position against major international currencies.
According to the latest figures released by the National Bank of egypt,the US dollar remained fixed at 50.79 pounds for buying and 50.89 pounds for selling. The euro also held steady, trading at 53.17 pounds for buying and 53.57 pounds for selling. Similarly, the British pound showed little movement, with buying and selling rates at 64.60 pounds and 65.07 pounds respectively.
Regional currencies mirrored this stability.The Saudi riyal was fixed at 13.49 pounds for buying and 13.54 pounds for selling, while the Kuwaiti dinar remained stable at 164.47 pounds for buying and 165.60 pounds for selling.
To shed light on the factors contributing to this stability, we spoke with Dr. Ahmed khalil, a leading economist at the american University in Cairo.
ND3: Dr. Khalil,the Egyptian pound has shown extraordinary resilience despite global economic challenges.What are your insights into the reasons behind this stability?
Dr. Khalil: Several factors are at play. The Egyptian government’s commitment to prudent fiscal policies, coupled with recent positive developments in key economic sectors like tourism and foreign investment, have instilled confidence in the market. Additionally, the Central Bank of Egypt’s proactive measures in managing foreign currency reserves and interest rates have played a crucial role in maintaining stability.
ND3: Looking ahead, what are your predictions for the Egyptian pound’s performance in the coming months?
Dr. Khalil: While forecasting currency movements is inherently complex,I believe the Egyptian pound is well-positioned to weather any potential storms. continued government commitment to economic reforms, alongside favorable global economic conditions, could perhaps lead to further gratitude of the Egyptian pound.
ND3: Thank you for sharing your insights, Dr. Khalil.
The stability of the Egyptian pound bodes well for the country’s economic outlook, providing a solid foundation for continued growth and development.
