Egyptian pound hits new low against US dollar

Doaa A.Moneim , Monday 9 Jan 2023

The Egyptian pound continued its downward trend on Monday, depreciating by 50-60 piastres against the US dollar in major banks.

exchange shop
File Photo: A woman walks out of a currency exchange shop displaying a giant US dollar banknote in the Zamalek district of Egypt s capital Cairo on August 24, 2022. AFP


The Central Bank of Egypt (CBE) traded the dollar for EGP 27.55 for purchasing and EGP 27.62 for selling on Monday, up from EGP 27.07 and EGP 27.16 for purchasing and selling, respectively, a few days earlier.

The National Bank of Egypt (NBE) set the price of the dollar at EGP 27.4 for purchasing and EGP 27.45 for selling.

At Banque Misr, the dollar registered EGP 27.4 for purchasing and EGP 27.45 for selling.

Meanwhile, the dollar posted EGP 27.55 for purchasing and EGP 27.65 for selling at the Société Arabe Internationale de Banque, Al-Ahli Bank of Kuwait, AlexBank, and the Housing and Development Bank.

On Wednesday, the CBE devaluated the Egyptian pound against the dollar for the third time since March, bringing the total value the pound lost to over 60 percent.

The action followed the issuance of new certificates of deposits (CDs) with an annual yield of 25 percent and monthly yield of 22.5 percent, by the NBE and Banque Misr, on the same day.

The high-yield CDs came as a bid to absorb the liquidity in the local market and contain soaring inflation.

The two banks said the proceeds from selling the new CDs have exceeded EGP 100 billion over four days.

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