The stock market on Wednesday registered a signficant hike in the USD rate against the Egyptian pound. The dollar sold for LE5.75, compared to LE5.69 last Saturday.
The rise was triggered by a foreign investor shift to pound sales and dollar purchases, according to head of the treasury and stock markets sector at the Export Development Bank of Egypt, Raouf Kedwany. A general foreign investment exit from the Egyptian market is also to blame, Kedwany added.
The dollar rose against other foreign currencies Wednesday, while Euro rates dove, according to Kedwany. Kedwany, however, dismissed suggestions of a negative impact on Egyptian trade and banking plans because of the USD climb.
Translated from the Arabic Edition.
