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Greenback weakening in Egypt as economy improves

Egypt’s pound continues to grow stronger against the US dollar in 2020, thanks to gains in foreign investment, tourism and exports.
An employee counts Egyptian pounds in a foreign exchange office in central Cairo, Egypt December 27, 2016. REUTERS/Mohamed Abd El Ghany - RC1A38C79D70

Egypt’s pound may keep gaining momentum against the US dollar in 2020, thanks to improving macroeconomic indications and the rising influx of the greenback, traders and economists say.

“The dollar may weaken to below 15 pounds (95 cents as of Jan. 21) in the coming few months if the present ratio of decline continues,” Ali al-Hariri, secretary-general of the foreign exchange bureau division at the Federation of Egyptian Chambers of Commerce, told Al-Monitor.

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