Currency rates rose today, Sunday, 7-6-2020, against the Egyptian pound, compared to yesterday, and 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 rose today against the Egyptian pound today, according to the latest updates of the National Bank of Egypt, and the price of the dollar in the National Bank of Egypt recorded 16.15 pounds for purchase, 16.25 pounds for sale.
Euro rate today
The exchange rate of the euro rose against the Egyptian pound today, according to the latest updates of the National Bank of Egypt, and reached 18.21 pounds for purchase, 18.49 pounds for sale compared to yesterday’s price of 18.05 pounds for purchase, and 18.29 pounds for sale.
The price of the pound sterling today
The exchange rate of the British pound increased against the Egyptian pound today, and according to the latest updates of the National Bank of Egypt, it amounted to 20.32 pounds for purchase, 20.68 pounds for sale against the price of yesterday 2016 pounds for purchase, and 20.41 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 of 4.21 pounds for purchase, and 4.32 pounds for sale.
The rate of Kuwaiti dinar today
The Kuwaiti dinar exchange rate rose against the pound today, according to the latest data of the National Bank of Egypt, and its price today reached 51.02 pounds for purchase, 52.81 pounds for sale compared to yesterday’s price of 50.93 pounds for purchase, and 52.68 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 reserve 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 in the context of progress and improvement of the Egyptian economy indicators significantly over the past period, the price of the pound against the dollar was 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.
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