Exchange rate in Egypt nears $1/EGP 50 for first time since March

Ahram Online , Wednesday 20 Nov 2024

The US dollar reached its highest level against the Egyptian pound on Wednesday since March of this year, reaching EGP 49.80/$1, according to the Central Bank of Egypt's (CBE) official website.

US dollar
File Photo: shows Egyptian pound and US dollar banknotes. AFP

 

The Central Bank of Egypt (CBE) reported closing foreign exchange rates of EGP 49.68/$1 for buying and EGP 49.80/$1 for selling. 

The Central Bank of Egypt (CBE) last floated the Egyptian pound on 6 March 2024, raising the US dollar EGP exchange rate to $1/GP 50.1 from EGP 30.9 the previous day.

On Wednesday, the Commercial International Bank (CIB) reported the highest exchange rates in the banking system: $1/EGP for buying and $1/49.78 for selling.  

Meanwhile, the National Bank of Egypt (NBE), Banque Misr, and Arab African International Bank reported rates of $1/EGP 49.66 /$1 for buying and $1/EGP 49.76 for selling. 

For Banque Du Caire, the exchange rate is $1/49.65 for buying and $1/49.75 for selling.  

Egypt is engaged in an $8 billion loan agreement with the International Monetary Fund (IMF), which requires the country to implement a flexible exchange and interest rate system to steer its economy toward recovery.

The IMF mission for the ongoing Extended Fund Facility (EFF) programme will conclude this week.

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