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Egyptian Pound Hits Five-Year Low Against US Dollar

The Egyptian pound recorded its lowest level in five and a half years, after falling 0.05% during Monday’s trade. (AFP)
The Egyptian pound recorded its lowest level in five and a half years, after falling 0.05% during Monday’s trade. (AFP)
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Egyptian Pound Hits Five-Year Low Against US Dollar

The Egyptian pound recorded its lowest level in five and a half years, after falling 0.05% during Monday’s trade. (AFP)
The Egyptian pound recorded its lowest level in five and a half years, after falling 0.05% during Monday’s trade. (AFP)

The Egyptian pound dropped to its lowest level in five and a half years, after falling 0.05% during Monday’s trade.

Refinitiv data showed that the pound traded 18.91 to the dollar, down from 18.81 pounds on Sunday.

The last time the currency reached that level was on January 24, 2017.

Egypt's central bank raised its key interest rates by 100 basis points in an exceptional monetary policy committee meeting on March 21.

The pound has been affected by an increased demand for dollars by importers. Indirect foreign investments have been pulling out of the country after the US Federal Reserve raised interest rates.

Cairo is facing a number of economic and social challenges.

Its tourism sector has been affected by Russia’s war on Ukraine. Russian and Ukrainian tourists account for almost a third of total of visitors.

This coincided with the surge in global energy and food prices, which are the drivers of inflation in the country.

Separately, Egypt’s General Authority for Supply Commodities (GASC) announced a tender to receive imported wheat from five countries: the United States, Canada, Australia, Argentina, and Brazil.

The opening session of the tender will take place on Tuesday, while the deciding session will be held on July 20, the authority said.

Importers can submit their offers based on cost and freight (C&F), as well as paying with 180-day suppliers facilities, it added.

The shipments will be charged in four periods from September 16 to 30, October 1 to 15, October 16 to 31, and November 1 to 15.

Bidders can apply for all or one of the shipping periods, the GASC noted.

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Egypt’s Tourism Minister: We’ve Agreed on Future Initiatives with Saudi Arabia

A glimpse of the visit by the Egyptian Minister of Tourism and Antiquities and his accompanying delegation to the UNWTO office in Saudi Arabia (Asharq Al-Awsat)
A glimpse of the visit by the Egyptian Minister of Tourism and Antiquities and his accompanying delegation to the UNWTO office in Saudi Arabia (Asharq Al-Awsat)
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Egypt’s Tourism Minister: We’ve Agreed on Future Initiatives with Saudi Arabia

A glimpse of the visit by the Egyptian Minister of Tourism and Antiquities and his accompanying delegation to the UNWTO office in Saudi Arabia (Asharq Al-Awsat)
A glimpse of the visit by the Egyptian Minister of Tourism and Antiquities and his accompanying delegation to the UNWTO office in Saudi Arabia (Asharq Al-Awsat)

Egyptian Tourism Minister Sherif Fathy told Asharq Al-Awsat that he and Saudi Tourism Minister Ahmed Al-Khateeb have agreed to collaborate on several tourism initiatives.

These include joint marketing efforts, shared tourism programs, environmental protection measures, and promoting specific types of tourism in the Red Sea.

Fathy recently visited Riyadh, where he met with Al-Khateeb and engaged with Saudi business leaders. They discussed ways to promote tourism between their countries and increase visitor exchanges.

During his visit to the United Nations World Tourism Organization (UNWTO) regional office in Riyadh, Fathy stated that the office’s presence in Saudi Arabia enhances the organization’s work in the region and improves communication with other countries.

He confirmed that they plan to develop and implement the agreed initiatives in the near future.

Fathy highlighted that the Middle East is a key player in global tourism and deserves a dedicated office to support all countries in the region. This effort aims to boost collaboration and promote the Middle East as a top destination for travelers.

Tourism, National Economy: A Path to Sustainable Growth

Samer Al-Kharashi, Director of the UNWTO regional office for the Middle East, stated that the office supports 13 countries in the region, with Egypt being a key member.

He highlighted that the recent visit by Egypt’s Minister of Tourism and Antiquities, who serves as Vice President of the regional committee, creates opportunities for collaboration.

This partnership aims to boost tourism’s role in the national economy, create jobs, and promote sustainable practices that protect the environment.

Speaking to Asharq Al-Awsat, Al-Kharashi emphasized the potential for cooperation with Egypt, which has a rich tourism history and many ancient sites. He noted that the regional office has the expertise to assist member countries.

Al-Kharashi expressed optimism about the discussions, which covered various opportunities for joint projects that would benefit both Egypt and the wider region.

Strengthening Bilateral Relations

Fathy’s visit to the UNWTO regional office aims to enhance bilateral relations, as Cairo actively seeks to develop its tourism sector through international collaboration.

During their meeting, Fathy and Al-Kharashi addressed key issues facing Egypt’s tourism sector, including challenges and growth opportunities. They explored future cooperation, particularly in tourism training, improving services, and increasing investments.

Egypt ranks first in Africa, fifth in the Middle East, and 63rd globally on the Travel and Tourism Development Index.

The UNWTO regional office in Riyadh is the first of its kind outside the organization’s headquarters, dedicated to supporting member states in the Middle East.

The office focuses on promoting tourism education, improving infrastructure, and fostering sustainable tourism while preserving the region’s cultural and environmental heritage.