The Egyptian pound has become the best-performing currency in the world after the sharp decline in oil prices following an agreement between the United States and Iran to reopen the Strait of Hormuz, a step that is expected to contribute to restoring supply flows and alleviating inflation concerns.

The Egyptian currency has risen by about 4% against the dollar since Friday, outperforming all other currencies. The exchange rate of the pound also reached the level of 50 pounds to the dollar for the first time since March 3. The currency jumped by more than 7% since early May, also recording the best performance among the world’s currencies during that period, according to Bloomberg.

The price of the dollar declined in Egypt during trading today, Wednesday, as the US currency fell below the level of 50 pounds in a large number of Egyptian banks for the first time since last March.

Since the outbreak of the Iran war at the end of last February, the price of the dollar has recorded record levels exceeding 54 pounds, after it was trading at the highest level of 47 pounds before the war, but with the calm of geopolitical tensions and the return of hot money flows, the Egyptian pound began the process of recovery.

Arab and foreign transactions in the secondary market for Egyptian government debt recorded a net purchase of $1.1 billion during yesterday’s trading, Tuesday, according to Egyptian Stock Exchange data.