The average price of the US dollar, on Tuesday, November 1, according to the official Central Bank of Egypt (CBE)’s website, was LE24.07 for purchase and LE24.17 if you want to sell.
While the price of the dollar against the Egyptian pound in the Central Bank of Egypt was LE24.05 for purchase and LE24.18 for sale.
US dollar price in Egyptian banks on Tuesday:
Credit Agricole
LE24.15 for purchase
LE24.25 for sale
Abu Dhabi Islamic Bank
LE 24.16 for purchase
LE24.25 pounds for sale
National Bank of Egypt and the Banque Misr
LE24 for purchase
LE 24.10 for sale
CIB
LE24 for purchase
LE 24.10 for sale
Arab Investment Bank
LE24.15 for purchase
LE 24.25 for sale
Arab African International Bank
LE24 pounds for purchase
LE 24.10 for sale
Arab International Bank
LE24 for purchase
LE24.10 for sale
ALEXBANK
LE24.10 for purchase
LE 24.20 for sale
The CBE issued a statement, on Thursday morning, announcing reform measures to ensure macroeconomic stability and achieve sustainable and comprehensive economic growth, hence 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.
The Central Bank of Egypt, 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.
