The EGP gained some ground against the USD last week on the parallel market, increasing by 12% on the back of decreased demand for the greenback according to Asharq.
The EGP stood at 37/USD on Thursday, May 18, 2023, compared to 42/USD six days before on Friday, May 12, 2023.
Asharq stated that one of the reasons for the sudden drop in demand for USD was that the Association Of Automobile Dealers In Egypt urged its members to stop buying USD from the parallel market.
One-month non-deliverable forward agreements for the EGP are up 2.4% & now stand at EGP 31.8/USD – the highest level since Mar 2, 2023.
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