US dollar price in Egyptian banks on Friday

US dollar price in Egyptian banks on Friday

The price of the US dollar jumped during the past days, after the Central Bank of Egypt raised the interest rate by 200 basis points, on Thursday, exceeding LE24 in most banks.

Al-Masry Al-Youm published the price of the dollar in banks, Friday, November 4, 2022, as follows:

The Suez Canal Bank

LE24.20 for purchase

LE 24.30 for sale

The Egyptian Gulf Bank

LE24.20 for purchase

LE24.30 for sale

The Arab African Bank

LE24.21 for purchase

LE24.29 for sale

National Bank of Egypt

LE24.15 for purchase

LE24.25 for sale

Banque Misr

LE24.15 for purchase

LE24.25 for sale

The Commercial International Bank

LE24.20 for purchase

LE24.30 for sale

The CBE issued a statement, on Thursday morning, announcing reform measures to ensure macroeconomic stability to 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 subsequently 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.

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