US dollar price stabilizes in Egypt on Monday
- Date: 07-Nov-2022
- Source: Egypt Independent
- Sector:Financial Services
- Country:Egypt
US dollar price stabilizes in Egypt on Monday
The price of the US dollar stabilized Monday, on the second working day for banks, after the Federal Reserve raised the interest rate by 75 basis points, on Thursday.
The price of the US dollar in Egyptian banks was as follows:
Suez Canal Bank
LE 24.25 for purchase
LE24.35 for sale
Commercial International Bank
LE24.23 for purchase
LE 24.33 for sale
Banque du Caire
LE24.22 for purchase
LE 24.32 for sale
ALEXBANK
LE24.25 for purchase
LE 24.35 for sale
Banque Misr
LE24.2 for purchase
LE24.3 for sale
National Bank of Egypt
LE24.2 for purchase
LE24.3 for sale
Central Bank of Egypt (CBE)
LE24.32 for purchase
LE24.23 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.
In its meeting on Thursday,