Egypt Daily News – The recent fluctuations in exchange rates indicate a notable decrease in the value of the dollar against the Egyptian pound. As of Thursday, the exchange rates dropped approximately 20 to 25 piasters across various banks. Here’s a summary of the latest rates:
- National Bank of Egypt:
- Buying: 48.31 pounds
- Selling: 48.41 pounds
- Commercial International Bank:
- Buying: 48.31 pounds
- Selling: 48.41 pounds
- Crédit Agricole:
- Buying: 48.31 pounds
- Selling: 48.41 pounds
- Arab African Bank:
- Buying: 48.31 pounds
- Selling: 48.41 pounds
- Alexandria Bank:
- Buying: 48.29 pounds
- Selling: 48.39 pounds
This decline follows a significant decision by the central bank to raise interest rates by 600 basis points and allow the exchange rate to ventilate towards 50 pounds per dollar, an increase from 31 pounds.
The central bank aims to stabilize prices and adapt a flexible inflation-targeting framework that supports market-based determination of the exchange rate.
The unification of exchange rates is seen as a crucial step to eliminate excess demand for foreign currency and align the official and parallel market rates, which should help improve economic stability moving forward.
