US dollar price rises in Egypt on Friday
- Date: 16-Dec-2022
- Source: Egypt Independent
- Sector:Financial Markets
- Country:Egypt
US dollar price rises in Egypt on Friday
On Friday, December 16, the price of the US dollar rose against the Egyptian pound, in most banks operating in Egypt, continuing a wave of rises for the dollar in Egypt.
The hike in the value started on November 3 when the Central Bank of Egypt raised the interest rate by 200 basis points and floated the pound.
The price of the dollar Friday, December 16, at Egyptian banks was as follows:
Suez Canal Bank
LE24.45 for purchase
LE 24.55 for sale
Commercial International Bank
LE24.65 for purchase
LE24.72 for sale
Banque Misr
LE24.61 for purchase
LE 24.66 for sale
National Bank of Egypt
LE24.61 for purchase
LE 24.66 for sale
ALEXBank:
LE24.48 for purchase
LE24.55 for sale
HSBC
LE24.45 for purchase
LE 24.55 for sale
Central Bank of Egypt
LE24.63 for purchase
LE24.71 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