The agency explained that this positive trend in the national currency has been supported by several key factors, including an increase in foreign direct investment inflows, a rise in foreign currency reserves at the Central Bank, and growth in portfolio investments.
The firm noted that in the past, such a rise would have sparked concerns due to its association with heavy currency management, which had previously led to an overvalued pound followed by sharp and destabilizing devaluations.
Central Bank of Egypt to issue 90B EGP treasury bills tomorrow amid recent 100 bps interest rate cut.
Egyptian pound remains strong as foreign currencies witness decline for the second week in local banks.
This move is part of the government's general direction to reduce pressure and demand on the US dollar.
