US dollar price stabilizes in Egypt on Monday
- Date: 13-Feb-2023
- Source: Egypt Independent
- Sector:Financial Markets
- Country:Egypt
US dollar price stabilizes in Egypt on Monday
The price of the US dollar stabilized Friday, November 13, in Egypt, after an increase of three piasters on Sunday.
Globally, the dollar index, which measures the performance of the US currency against six other major currencies, rose by 0.35 percent.
The price of the US dollar in Egyptian banks was as follows:
Abu Dhabi Islamic Bank
LE30.53 for purchase
LE30.58 for sale
Banque Misr
LE30.38 for purchase
LE30.48 for sale
National Bank of Egypt
LE30.38 for purchase
LE30.48 for sale
ALEXBANK
LE 30.45 for purchase
LE30.55 for sale
Commercial International Bank
LE30.48 for purchase
LE30.58 for sale
Arab African Bank
LE30.48 for purchase
LE30.53 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 monetary policy it pursues.
The Monetary