The exchange rate of the US dollar against the Egyptian pound rose strongly in the parallel market during the past week, exceeding the level of 56 pounds.
Speculation on the US currency flared up, after opening the door to buy high-yield certificates by the National Bank of Egypt and the National Bank of Egypt.
Banque Misr President Mohamed El Etreby revealed that the bank will continue to receive purchase orders in the new certificates until early February. The new certificates, which have a return of up to 27 percent, coincided with the maturity of their previous certificates, which were offered last January with a return of up to 25 percent, and some of them are due on January 25, and raised more than 500 billion pounds.
Source (Al-Arabiya.net Website, Edited)
