On Wednesday, November 16, the price of the US dollar rose slightly against the Egyptian pound to average LE24.42 for purchase and LE24.50 for sale.
This is according to the Central Bank of Egypt (CBE) data.
The price of the dollar on Wednesday at Egyptian banks was as follows:
Suez Canal Bank:
LE24.41 for purchase
LE24.51 for sale
Commercial International Bank
LE24.46 for purchase
LE24.51 for sale
United Bank:
LE24.41 for purchase
LE24.51 for sale
ALEXBANK:
LE24.44 for purchase
LE24.51 for sale
Banque Misr:
LE24.41 for purchase
LE24.46 for sale
National Bank of Egypt
LE224.41 for purchase
LE 24.46 for sale
The CBE issued a statement, on Thursday, 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.
This was 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.
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 opted to increase the percentage of cash reserves that banks are obligated to maintain with CBE to become 18 percent instead of 14 percent.
