US dollar price rises by one piaster in Egypt Tuesday

US dollar price rises by one piaster in Egypt Tuesday

The price of the US dollar rose at the beginning of trading on Tuesday by about a piaster, in most government and private banks operating in the local market, continuing a wave of rises for the dollar in Egypt that started on November 3 when the Central Bank of Egypt raised the interest rate by 200 basis points and floated the pound.

Prices on Tuesday:

Suez Canal Bank

LE24.51 for purchase

LE 24.61 for sale

Commercial International Bank

LE24.55 for purchase

LE24.61 for sale

Banque Misr

LE24.51 for purchase

LE 24.56 for sale

National Bank of Egypt

LE24.51 for purchase

LE 24.56 for sale

Arab African Bank:

LE24.40 for purchase

LE24.47 for sale

CBE announces reforms

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.

The CBE, on October 1, raised the required reserve ratio in banks from 14 percent to 18 percent.

It also confirmed in the periodic bulletin that the