US dollar exchange rate stable at Egypt’s banks in first working day following IMF deal

Doaa A.Moneim , Sunday 18 Dec 2022

The exchange rate of the US dollar against the Egyptian pound was stable at the close of transactions Sunday at Egypt's major banks, the first working day after the International Monetary Fund (IMF) approved Egypt’s $3 billion new economic reform programme.

An employee counts U.S. dollars in a foreign exchange office in central Cairo, Egypt,

At the Central Bank of Egypt (CBE), the US dollar rate registered EGP 24.63 for buying and EGP 27.71 for selling.

At the National Bank of Egypt (NBE) and Banque Misr, the rate registered EGP 24.61 for buying and EGP 24.66 for selling.

At the Commercial International Bank (CIB), the rate registered EGP 24.65 for buying and EGP 24.72 for selling.

The Egyptian pound has lost close to 50 percent of its value against the US dollar since February, driven mainly by the repercussions of the Russia-Ukraine war.

Since March, the CBE has hiked its key interest rates by a total of five percent (500 Bps) to reign in inflation.

The CBE’s Monetary Policy Committee is scheduled to convene on Thursday, its final meeting for 2022, to review the key interest rates in light of the latest economic developments globally and locally.

The meeting comes amid expectations the CBE could raise the interest rates by a max of two percent (200 bps) and would further devaluate the Egyptian pound to attract hard currency.

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