CAIRO, July 21 (Xinhua) -- The Egyptian pound showed the second best performance against the U.S. dollar in 2019, the Egyptian cabinet's media center said on Sunday, quoting a recent report by U.S. financial and business newswire Bloomberg.
The Egyptian cabinet released an infographic showing that the performance of the Egyptian local currency improved compared to other emerging markets over the first six months of 2019.
It stated that the pound's exchange rate rose by 6.5 percent against the dollar, showing the second best performance worldwide after the Russian ruble whose rate rose by 9.5 percent against the dollar.
Egypt floated the exchange rate of its local currency in late 2016 as part of a three-year economic reform program supported by a 12-billion-dollar loan from the International Monetary Fund.
After floatation, the exchange rate of the Egyptian pound dropped from about 8 to 18 pounds per dollar, until it gradually improved and recently stood at about 16.6 pounds per dollar.
