Against the US dollar on Monday
Egypt pound rebounds from flotation slide
The Egyptian pound strengths against the US dollar
Cairo - Arab Today
The Egyptian pound strengthened against the US dollar on Monday, regaining ground after record lows which followed the central bank's decision to float the currency in November.
After plunging to 8.83 pounds against the dollar before the flotation to almost 20 in December, the pound has strengthened since last week to reach less than 16 against the dollar.
Faced with plummeting foreign currency reserves since its 2011 revolution, the central bank floated the pound and the government cut fuel subsidies, in moves which helped secure a $12-billion loan from the International Monetary Fund.
International investors, reacting favourably to the flotation, have since shown strong interest in government bonds and treasury bills.
The inflows as well as the IMF loan's first tranche worth $2.75 billion have made dollars more available, said Ahmed Abdelnaby, a strategist at Mubasher Financial Services.
But he cautioned that Egypt has yet to see a substantial increase in direct investments.
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Dubai-based label ASMARAÏA just launched its pre-fall 2019 collection — and it’s all about cruelty-free, sustainable fashion with a festive edge. Checkmate The 15-piece collection features this checkered skirt-and-jacket ensemble that is giving us major “Clueless” vibes. Gold Rush ‘Tis the season to sparkle and this dazzling, floor-length gold skirt will do the trick. Take note of the chic black bow detail at the waist — it’s the ultimate party look. Feathered fashion The brand works with environmentally-friendly materials such as organic cotton, recycled polyester and faux fur, so you can be sure this feathered look doesn’t come at the cost of an animal’s life. Jewel Tones If you want to glisten like a polished jewel at your next festive function, this emerald-colored skirt is the perfect choice with its sequin details and shimmery overlay. Golden Girl Leopard print
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