EGP weakens to seven-month low against the greenback

EGP WATCH- EGP back where it was seven months ago against the greenback: The EGP is back to where it stood in December at 16.25 to the greenback, says Reuters. The EGP eased 2.2% last week and is down 3.5% from the 15.70 at which it had held steady throughout the covid-19 pandemic. Egypt’s key sources of foreign currency — tourism, remittances from Egyptians abroad, and foreign inflows into local debt — have been under increasing pressure over the past three months. Stil, the EGP has taken a much lighter beating than the hardest-hit EM currencies, such as the Brazilian real, which lost some 20% this year amid the covid-19 global risk off.