The US dollar exchange rate maintained stable prices on Wednesday after two days of hikes since the Central Bank of Egypt (CBE) increase the interest rates.
The US dollar exchange rate in Egyptian banks during Wednesday morning trading is as follows:
- In the National Bank of Egypt, LE18.43 for purchase, and LE18.53 for sale.
- In Banque Misr, LE18.43 for purchase, and LE18.53 for sale.
- In the Commercial International Bank LE18.45 for purchase, and LE18.55 for sale.
- In the Suez Canal Bank, LE18.45 for purchase, and LE18.55 for sale.
The exchange rate of the US dollar started increasing on Monday’s morning to LE17.5, compared to LE15.74 in Sunday’s trading.
The exchange rate continued to increase during the same day to close trading at LE18.22.
And the exchange rate of the US dollar against the Egyptian pound continued rising for Tuesday’s trading, reaching LE18.53.
The Monetary Policy Committee of the Central Bank of Egypt decided in its extraordinary meeting on Monday to raise the overnight deposit and lending rates.
The central bank’s main operation rate by 100 basis aims to reach 9.25 percent , 10.25 percent and 9.75 percent , respectively. The credit and discount rate was also raised by 100 basis points to 9.75 percent .
The Central Bank of Egypt affirmed that it believes in the importance of exchange rate flexibility to serve as a tool for absorbing shocks and maintaining Egypt’s competitiveness.
Edited translation from Al-Masry Al-Youm
