US dollar price slightly rises Wednesday

US dollar price slightly rises Wednesday

On Wednesday, November 9, 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 Wednesday at Egyptian banks was as follows:

Suez Canal Bank

LE24.3 for purchase

LE 24.4 for sale

Commercial International Bank

LE24.35 for purchase

LE 24.4 for sale

Banque du Caire

LE24.32 for purchase

LE 24.37 for sale

ALEXBANK

LE24.32 for purchase

LE 24.37 for sale

Banque Misr

LE24.23 for purchase

LE 24.37 for sale

National Bank of Egypt

LE24.32 for purchase

LE 24.37 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.

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