Search for the price of the US dollar against the Egyptian pound increased on Google search engine, especially after the US Federal Reserve last week raised the interest rate by 50 basis points, to reach 4.25-4.5 percent.
The price of the dollar in Egypt stabilized on Tuesday, recording as follows:
Central Bank of Egypt
- LE24.69 for purchase
- LE 24.74 for sale
Commercial International Bank
- LE24.68 for purchase
- LE24.75 for sale
Banque Misr
- LE24.69 for purchase
- LE 24.74 for sale
National Bank of Egypt
- LE24.69 for purchase
- LE 24.74 for sale
ALEXBank:
- LE24.61 for purchase
- LE24.71 for sale
United Bank
- LE24.65 for purchase
- LE 24.75 for sale
The CBE issued a statement, on November 3, announcing reform measures to ensure macroeconomic stability and 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 announced the devaluation of the Egyptian pound for the second time in March by nearly 17 percent.
On October 1, the CBE 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.
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 opted to increase the percentage of cash reserves that banks are obligated to maintain with CBE to become 18 percent instead of 14 percent.
