Experts anticipate that the worldwide spread of the novel coronavirus will increase the US dollar’s exchange rate against the Egyptian pound. Banking expert Sahar al-Damati said that the halting of Chinese imports, combined with declining rates of exports due to import bans in some countries has contributed to the increase of the US dollar exchange rate. The exchange rate is impacted by severe turmoil in global financial markets, against the backdrop of fears of the spread of the coronavirus and the drop in global oil prices. Tourism should return to normal once a coronavirus treatment emerges during the next two months, Damati said, bringing back the status-quo and seeing the US dollar exchange rate decrease once more. He does anticipate the US dollar exchange rate to continue to rise in the coming period, especially with the continued spread of coronavirus.

Source: Egypt Independent March 16, 2020 12:26 UTC