US dollar price continues to rise in Egypt Thursday
- Date: 10-Nov-2022
- Source: Egypt Independent
- Sector:Financial Markets
- Country:Egypt
US dollar price continues to rise in Egypt Thursday
On Thursday, November 10, the price of the US dollar witnessed a slight increase against the Egyptian pound, after the Central Bank of Egypt raised the interest rate by 200 basis points and floated the pound on November 3.
The price of the dollar on Thursday, November 10 at Egyptian banks was as follows:
Suez Canal Bank
LE24.33 for purchase
LE 24.43 for sale
Commercial International Bank
LE24.39 for purchase
LE24.44 for sale
Banque du Caire
LE24.32 for purchase
LE 24.39 for sale
ALEXBANK
LE24.37 for purchase
LE 24.44 for sale
Banque Misr
LE24.34 for purchase
LE 24.39 for sale
National Bank of Egypt
LE24.34 for purchase
LE 24.39 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 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