US dollar drops against Egyptian Pound following surge in CBE foreign reserves
This increase reflects the ongoing improvement in the country’s foreign liquidity position and strengthens the Egyptian economy’s ability to fulfill its international obligations.
Dollar rates in most operating local banks fell by up to 75 piasters, dropping back below the LE 50 mark in some institutions.
Following the announcement, the US dollar exchange rate experienced a noticeable drop against the Egyptian pound, continuing the local currency’s upward trend.
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