According to an Egyptian cabinet statement, Egypts’s pound demonstrated the best performance among the currencies of emerging markets over the past three years. Also, the nation’s currency was the least affected by the ongoing COVID-19 pandemic.
The cabinet's media center posted an infographic showing that the exchange rate of the Egyptian pound against the U.S. dollar improved by 10.8 percent from end of June 2017 to end of June 2020.The exchange rate of the U.S. dollar is currently about 15.9 Egyptian pounds.
The local currency's improvement came despite the country's decline of foreign currency reserves, which dropped from 45.5 billion U.S. dollars in late February to 36 billion U.S. dollars in late May due to the COVID-19 crisis, according to the cabinet.
Xinhuanet.com reports that, in late June, the IMF approved a 12-month 5.2-billion-dollar loan for Egypt to help the country cope with the implications of the COVID-19 pandemic.