Egyptian pound increases in value against US dollar to strongest point since March

Ahram Online , Tuesday 14 May 2024

The Egyptian pound’s rate against the US dollar declined on Tuesday to 46.92 for selling and 46.79 for buying, its strongest point since 23 March, according to the official exchange rate of the Central Bank of Egypt.

Two pairs of US hundred dollar and Egyptian hundred pound notes are held before a window showing the
Two pairs of US hundred dollar and Egyptian hundred pound notes are held before a window showing the skyline of Egypt s capital Cairo and the Nile river. AFP

 

The US dollar rate dropped by 20 piasters compared to Monday’s transactions when it closed at EGP 47/1 USD for selling and EGP 46.98/1 USD for buying.

This is the lowest trading point for the dollar against the Egyptian pound since 23 March when it recorded EGP 46.62/1 USD for selling and EGP 46.49/1 USD for buying.

That drop was echoed at the National Bank of Egypt (NBE) and Commercial International Bank (CIB) as the US dollar rate registered EGP 46.84/1 USD for buying and EGP 46.94/1USD for selling.

While in Banque Misr, the US dollar rate registered EGP 46.84/1 USD for buying and EGP 46.94/1 USD for selling.

The Egyptian pound lost two-thirds of its value on 6 March when the CBE floated the Egyptian pound to trade at 49.56 against the dollar down from 30.95 per dollar, a rate that has been maintained for over a year. 

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