USD slightly declines against EGP

Doaa A.Moneim , Doaa A.Moneim , Wednesday 23 Mar 2022

The USD’s value declined on Wednesday against the Egyptian Pound (EGP) by the end of Wednesday’s trading session following two days of increase.

CBE

The Central Bank of Egypt (CBE) announced that the USD’s value against the EGP fell by 13 piasters for purchasing to record EGP 18.32, down from EGP 18.45.

However, the USD’s selling price rose by 21 piasters to record EGP 18.75, up from Tuesday’s EGP 18.54.

Prior to the CBE’s announcement, a number of major banks in Egypt — including the National Bank of Egypt (NBE), Banque Misr, and the Commercial International Bank (CIB) — declared a decline in the USD’s value against the EGP by about 10 piasters and up to 13 piasters.

On Monday, the EGP depreciated by about 14 percent — its highest decline in five years.

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