Egyptian pound trades below 16 to dollar, first time since Feb 2017

An employee counts Egyptian pounds at a foreign exchange office in central Cairo, Egypt, March 20, 2019. REUTERS/Mohamed Abd El Ghany

CAIRO (Reuters) – The Egyptian pound extended the strong gains it has made against the dollar in 2019, trading below 16.00 pounds to the greenback for the first time since February 2017.

The Egyptian pound closed at 15.99 against the dollar on Monday and strengthened marginally to 15.98 on Tuesday. It has appreciated around 10.5% against the dollar since Jan. 1.

The pound last traded below 16.00 to the dollar, at 15.79, on Feb. 28, 2017.

Reporting by Yousef Saba; Editing by Jon Boyle

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