On Wednesday, November 23, the price of the US dollar rose against the Egyptian pound by two piasters in five Egyptian and foreign banks.
The five banks are Banque Misr, National Bank of Egypt, Commercial International Bank, ALEXBANK, and Abu Dhabi Islamic Bank.
The highest dollar price was in Abu Dhabi Islamic Bank at LE24.54 fir purchase and the lowest at the Suez Canal Bank and United Bank at LE24.46 for sale.
The price of the dollar on Wednesday at Egyptian banks was as follows:
Central Bank of Egypt (CBE)
LE24.48 for purchase
LE24.55 for sale
Abu Dhabi Islamic Bank
LE24.54 fir purchase
LE24.55 fir sale
Suez Canal Bank
LE 24.46 for purchase
LE24.56 for sale
Commercial International Bank
LE 24.52 for purchase
LE24.58 for sale
United Bank
LE24.46 for purchase
LE24.56 for sale
ALEXBANK
LE 24.51 for purchase
LE24.57 for sale
Banque Misr
LE24.48 for purchase
LE24.53 for sale
National Bank of Egypt
LE 24.48 for purchase
LE 24.53 for sale
The CBE issued a statement, on Thursday, November 3, announcing reform measures to ensure macroeconomic stability.
This is to achieve sustainable and comprehensive economic growth, floating the Egyptian pound.
Egypt first devalued its currency by 48 percent in 2016, allowing it to float freely in order to meet a key demand by the International Monetary Fund to secure a three-year US$12 billion loan.
The CBE has announced the devaluation of the Egyptian pound for the second time in March by nearly 17 percent.
The CBE, on Saturday October 1, raised the required reserve ratio in banks from 14 percent to 18 percent.
The CBE confirmed in the periodic bulletin that the decision contributes to restricting the monetary policy it pursues.
In its meeting on Thursday the Monetary Policy Committee of the CBE kept the overnight deposit and lending rates and the bank’s main operation rate at 25.11 percent, 25.12 percent and 75.11 percent, respectively.
The credit and discount rate was also kept at 75.11 percent.
The bank also decided to increase the percentage of cash reserves that banks are obligated to maintain with CBE to become 18 percent instead of 14 percent.
