US dollar price in Egypt on Tuesday morning
- Date: 20-Dec-2022
- Source: Egypt Independent
- Sector:Financial Markets
- Country:Egypt
US dollar price in Egypt on Tuesday morning
Search for the price of the US dollar against the Egyptian pound increased on Google search engine, especially after the US Federal Reserve last week raised the interest rate by 50 basis points, to reach 4.25-4.5 percent.
The price of the dollar in Egypt stabilized on Tuesday, recording as follows:
Central Bank of Egypt
LE24.69 for purchase
LE 24.74 for sale
Commercial International Bank
LE24.68 for purchase
LE24.75 for sale
Banque Misr
LE24.69 for purchase
LE 24.74 for sale
National Bank of Egypt
LE24.69 for purchase
LE 24.74 for sale
ALEXBank:
LE24.61 for purchase
LE24.71 for sale
United Bank
LE24.65 for purchase
LE 24.75 for sale
The CBE issued a statement, on 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.
On October 1, the CBE 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.
The Monetary Policy Committee