US dollar value drops in Egypt's informal market

Unconfirmed news about mega investments by the UAE in Egypt, as well as the outcome of an official visit by a delegation from the International Monetary Fund (IMF) to the country, is believed to have led the value of the US dollar to drop in the country's informal market after it had witnessed a record high earlier last week.

The US dollar dropped on Monday against the Egyptian pound in the parallel market to about EGP 50, down from a peak of more than 70 EGP last week.

An IMF delegation, led by the Mission Chief for Egypt, Ivanna Vladkova Hollar, had concluded a two-week official visit to Cairo where the two sides discussed the first and second reviews of the country's reform programme supported by the fund's Extended Fund Facility (EFF). The visit came amid unconfirmed news on the increase in loans the government would receive.