Dollar’s unofficial market still precedes official by EGP 0.16

The US dollar has continued to rise against the Egyptian pound, officially reaching EGP 7.59 selling and EGP 7.56 buying rates on Thursday, according to the Central Bank of Egypt (CBE).

On Saturday, the value of the US dollar reached EGP 7.75 on the official market.

The dollar’s value is expected to continue rising, according to the expectations of the Federation of Egyptian Industries (FEI) head, Mohamed El-Sewedy, announced during a Wednesday press conference. He added that the rise of dollar’s value will reach EGP 8 before the Economic Summit in March.

After maintaining the same value at EGP 7.14 over the past six months, the CBE announced last December that it will raise the number of weekly dollar bids.