Currency rates varied today, Monday, 3-2-2020, against the Egyptian pound compared to yesterday’s prices. According to the latest updates of a number of different banks, especially the National Bank of Egypt, we publish currency rates against the Egyptian pound today, which came as follows:
The price of the dollar today
The price of the dollar stabilized today in some banks operating in Egypt, during today’s trading. The price of the dollar in the National Bank of Egypt recorded 15.75 pounds for purchase, 15.85 pounds for sale.
Euro rate today
The exchange rate of the euro varied against the Egyptian pound today, according to the latest updates of the National Bank of Egypt, and reached 17.42 pounds for purchase, and 17.58 pounds for sale.
The price of the pound sterling today
The exchange rate of the pound sterling rose against the Egyptian pound today, and according to the latest updates of the National Bank of Egypt, it reached 20.63 pounds for purchase, 20.94 pounds for sale.
The Saudi Riyal price today
The Saudi riyal exchange rate stabilized against the Egyptian pound today, according to the latest data of the National Bank of Egypt, and the riyal price was 4.18 pounds for purchase, and 4.22 pounds for sale.
The rate of Kuwaiti dinar today
The Kuwaiti dinar exchange rate stabilized against the pound today, according to the latest data of the National Bank of Egypt, and its price today was 51.58 pounds for purchase, and 52.16 pounds for sale.
Foreign currencies in Egypt’s foreign reserves consist of a basket of the main international currencies, which are the US dollar, the single European currency, the euro, the British pound, the Japanese yen, and the Chinese yuan, a percentage of which Egypt’s holdings are distributed on the basis of the exchange rates of these currencies and their stability in international markets, and they change According to a plan developed by officials of the Central Bank of Egypt.
The primary function of the foreign exchange reserves at the Central Bank, with its components of gold and various international currencies, is to provide basic commodities and pay the premiums and benefits of foreign debt, and to confront economic crises, in exceptional circumstances, with resources affected by hard currency-generating sectors, such as exports, tourism and investments, Because of the turmoil, however, other sources of hard currency, such as remittances from Egyptians abroad that have reached a record level, and the stability of the Suez Canal revenues, contribute to supporting the reserve in some months.
The price of the currency is a “thermometer” the performance of the economies of countries. When dollar flows and capital occur in hard currency, this supports the strength of the currency, and within the framework of progress and improvement of Egyptian economy indicators significantly over the past period, the price of the pound against the dollar has reversed during the past months With the rise of the local currency against its American counterparts, this performance is expected to continue during the coming period, with the progress of economic indicators and the improvement of 5 basic dollar resources for Egypt.
The exchange rate in Egyptian banks is determined according to the mechanism of supply and demand, and the higher the dollar supply and the decrease in demand for it, the lower the dollar price.