The average price of the US dollar on Tuesday at the Central Bank of Egypt, compared to Monday, increased by eight piasters to LE24.25 for purchase and LE24.34 for sale.
The dollar’s price continued to rise as well in the rest of the banks operating in the Egyptian market.
Tuesday’s US dollar exchange rate on Tuesday in Egyptian banks:
The Arab Investment Bank (AIB)
- LE24.35 for purchase
- LE 24.4 for sale
Egyptian Gulf Bank
- LE24.3 for purchase
- LE 24.4 for sale
National Bank of Kuwait
- LE 23.3 for purchase
- LE23.4 for sale
Abu Dhabi Islamic Bank
- LE24.35 for purchase
- LE24.4 for sale
Suez Canal Bank
- LE24.25 for purchase
- LE 24.35 for sale
National Bank of Egypt and Banque Misr
- LE24.3 for purchase
- LE 24.35 for sale
ALEXBANK
- LE 24.3 for purchase
- LE 24.4 for sale
Commercial International Bank
- LE24.35 for purchase
- LE 24.4 for sale
CBE announces reforms
The CBE issued a statement, on Thursday 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.
It confirmed in its 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.
