Egyptian pound drops to 24.3 against US dollar on Thursday

MENA , Ahram Online , Thursday 3 Nov 2022

The Egyptian pound’s exchange rate against the US dollar dropped on Thursday to EGP 24.2 for buying and EGP 24.3 for selling, according to the Central Bank of Egypt (CBE) official exchange rate.

British pounds sterling and US dollar coins and bankotes. AFP
British pounds sterling and US dollar coins and bankotes. AFP


According to the same rate, the dollar rose 10 piasters today compared to Wednesday and between 10 to 15 piasters in local Egyptian banks.

At the National Bank of Egypt (NBE) and Banque Misr, the dollar rate registered EGP 24.15 for buying and EGP 24.25 for selling.

At the Suez Canal Bank, the dollar rate recorded EGP 24.20 for buying and EGP 24.30 for selling.

At the Commercial International Bank (CIB), the dollar rate stood at EGP 24.18 for buying and EGP 24.28 for selling.

The euro price recorded EGP 23.50 for buying and EGP 23.85 for selling at Banque Misr and the NBE.

At the CIB, the euro price registered EGP 23.52 for buying and EGP 23.89 for selling.

At the Arab African International Bank(AAIB), the euro price amounted to EGP 23.59 for buying and EGP 23.89 for selling.

According to the CBE, the average euro rate at the Egyptian market registered EGP 23.58 for buying and EGP 23.68 for selling.

The pound sterling at the NBE and Banque Misr reached EGP 26.96 for buying and EGP 27.69 for selling.

At the CIB, the pound sterling registered EGP 27.16 for buying and EGP 27.73 for selling.

The Saudi riyal price stood at EGP 6.42 for buying and EGP 6.45 for selling at the NBE.

On Wednesday, the US Fed raised the benchmark lending rate by 0.75 percentage point -- the fourth straight increase of that size and the sixth hike this year.

The Egyptian pound began to drop since Thursday 27 October in conjunction with a $3 billion staff-level agreement between Egypt and the International Monetary Fund (IMF), which caused Egypt to link its currency to a "durably flexible" exchange rate regime.

Since March, the Egyptian pound has become more than 53 percent weaker than the USD, according to the CBE figures.

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