On Friday, the Egyptian pound exhibited renewed stability against the US dollar, holding onto its most recent decline as reflected in the rates of 17 banks.
This stability comes in tandem with the Central Bank of Egypt’s Monetary Policy Committee’s decision on Thursday, to maintain interest rates unchanged. The overnight deposit rate remained at 27.25 percent, and the lending rate at 28.25 percent, marking the final interest rate decision for 2024.
In an exceptional move on March 6th, the Central Bank had increased interest rates by 600 basis points, bringing the overnight deposit and lending rates to their current levels. Additionally, the main operation, credit, and discount rates were raised to 27.75 percent.
Dollar exchange rates:
- Central Bank of Egypt: The dollar remained steady at LE50.815 for buying and LE50.9526 for selling.
- National Bank of Egypt: The dollar was priced at LE50.82 for buying and LE50.92 for selling.
- Bank of Egypt: Similarly, the Bank of Egypt recorded a dollar rate of LE50.82 for buying and LE50.92 for selling.
- Commercial International Bank (CIB): The dollar was quoted at LE50.82 for buying and LE50.92 for selling.
- Bank of Alexandria: The dollar was valued at LE50.82 for buying and LE50.92 for selling.
