Egypt pound drops to lowest rate against dollar since 3 November

Ahram Online , Wednesday 14 Dec 2016

Egyptian pound to US dollars (Photo: AP)
Egyptian pound to US dollars (Photo: AP)

The average exchange rate for the Egyptian pound closed on Wednesday at EGP 18.60 against the US dollar in Egypt's banks, the lowest rate since the central bank floated the national currency on 3 November, the websites of four major local lenders reported.

The dollar stood at EGP 18.85 in Egypt's central bank, EGP 18.60 at Egypt's largest private lender CIB, and EGP 19 at HSBC Egypt.

At Egypt's largest public lenders, the dollar reached EGP 18.90 at Banque Du Caire and EGP 18.60 at the National Bank of Egypt.

The country's foreign reserves stood at $23 billion by the end of November. 

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