US Dollar exchange rate stable at end of Monday’s trading

Ahram Online , Monday 31 Oct 2022

The US dollar exchange rate was stable at the end of Monday's trading at Egypt's major banks.



The dollar rate recorded EGP 23.9 for buying and EGP 24 for selling at the National Bank of Egypt (NBE) and Banque Misr.

At the International Arab African Bank (IAAB), the dollar rate recorded EGP 23.95 for buying and EGP 24.05 for selling.

However, the rate recorded 24 for buying and 24.1 for selling at Commercial International Bank (CIB)

At the closing of Sunday's trading, the dollar registered an average rate of EGP 24 for buying and EGP 24.1 for selling, according to data from the Central Bank of Egypt (CBE).

On Thursday, in conjunction with signing a $3 billion loan  between Egypt and the IMF, the CBE floated the Egyptian pound under a "durably flexible exchange rate regime."

The pound has dropped by 21 percent against the US dollar since Thursday.

Also on Thursday, the CBE announced a host of new monetary policies, including raising key interest rates by two percent and phasing out letters of credit (LCs) for import finance by December of this year.

The government's recent decisions aim to raise much-needed US dollars and other foreign currencies - as well as attract direct foreign investments - amid a decline in Net Foreign Reserves triggered by the repercussions of the Russian-Ukrainian conflict.

The CBE is working on setting an index for the Egyptian pound that will be linked to a basket of gold and other currencies besides the US dollar, the Governor of the Central Bank of Egypt Hassan Abdallah said last week.

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