The Egyptian pound reached its highest levels against the dollar on Monday in more than 3 years, a time when Egypt allowed the currency to decline in the framework of an economic reform plan supported by the International Monetary Fund .


According to Reuters, the Egyptian pound was trading on Monday at 15.66 dollars to the dollar, compared to 15.69 on Sunday.


The pound has not had such strength since November 17, 2016, six days after Egypt signed a three-year agreement for a $ 12 billion loan with the IMF.


"This is mainly due to conservative flows, especially from the countries of the Gulf Cooperation Council ... This is of course in addition to the stability and strength of remittances from abroad and tourism," said a banker in Cairo who asked not to be named.


Remittances from Egyptians working abroad increased to $ 6.71 billion in the quarter from July to September, the most recent period for which data are available, compared to $ 5.91 billion in the same period a year ago.


Tourism receipts rose to $ 4.19 billion in the same quarter, from $ 3.93 billion a year earlier.