Dollar exchange rate stable Thursday morning

MENA , Ahram Online , Thursday 2 Feb 2023

The dollar and euro exchange rates to the EGP were stable at the beginning of Thursday's transactions at Egypt's major banks, with the dollar recording an average of EGP 30.2 and the euro registering EGP 33.2.

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


At the National Bank of Egypt (NBE) and Banque Misr, the dollar rate registered EGP 30.05 for buying and EGP 30.15 for selling. At the Suez Canal Bank, the dollar was EGP 30.15 for buying and EGP 30.25 for selling. At the Commercial International Bank (CIB), the USD recorded EGP 30.15 for buying and 30.25 for selling.

According to the Central Bank of Egypt (CBE), the average dollar rate on the Egyptian market registered EGP 30.13 for buying and EGP 30.23 for selling.

On Monday, the Egyptian pound slipped to a new low and recorded EGP 33.03 against the US dollar, up from EGP 29.9 a day earlier, as the country battles rising inflation and a shortage in foreign currency sparked by the global economic crisis.

This was the second time the Egyptian pound has dropped below EGP 30 to the dollar at several local banks, as it fell for a few hours to EGP 31 against the USD in the wake of a devaluation on 11 January, before settling at around 29.5 over the past two weeks.

The euro price registered EGP 33.01 for buying and EGP 33.26 for selling at Banque Misr and the NBE, and EGP 33.12 for buying and EGP 33.46 for selling at the CIB.

The pound sterling at the NBE and Banque Misr registered EGP 37.17 for buying and EGP 37.38 for selling. At the CIB, the pound sterling was EGP 37.29 for buying and EGP 37.51 for selling.

According to the CBE, the average euro rate at the Egyptian market registered EGP 32.82 for buying and EGP 32.92 for selling, and the pound sterling registered EGP 37.12 for buying and EGP 37.26 for selling.

The Saudi riyal price at EGP 8 for buying and EGP 8.03 for selling at the NBE.

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