Egyptian pound exchange rate rises to EGP 50.98 against US dollar: CBE

Ahram Online , Thursday 19 Dec 2024

The Egyptian pound exchange rate rose slightly by 1.84 percent on Thursday, reaching EGP 50.98/$1, up from EGP 50.06/$1 on 5 December, according to the Central Bank of Egypt (CBE).

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

 

The CBE reported closing foreign exchange rates of EGP 50.85/$1 for buying and EGP 50.98/$1 for selling. 

On 6 March 2024, the CBE last devalued the pound, increasing the dollar exchange rate from EGP 30.9 to EGP 49.56.

Prime Minister Mostafa Madbouly stated in November that since Egypt adopted a flexible exchange rate in March, the dollar’s value has fluctuated by 4 to 5 percent, ranging from EGP 47 to EGP 49/$1. Based on the demand for the dollar, similar fluctuations are expected in the coming months.

On Thursday, Abu Dhabi Islamic Bank (ADIB) reported the highest exchange rates in the banking system, with the dollar buying at EGP 80.89 and selling at EGP 50.98.

Qatar National Bank (QNB) reported rates of EGP 50.88/$1 for buying and EGP 50.98/$1 for selling.

Meanwhile, the Commercial International Bank (CIB) reported rates of EGP 50.86/$1 for buying and EGP 50.96/$1 for selling.

Euro
 

According to the CBE, the euro also increased by 0.51 percent on Thursday to EGP 53.03/euro for selling, compared to EGP 52.76/euro on 5 December.

It reached EGP 52.89/euro for buying, compared to EGP 52.61/euro last Thursday.

ADIB reported the highest euro exchange rates, with EGP 53.13/euro for selling and EGP 52.66/euro for buying.

QNB reported EGP 52.65/euro for buying and EGP 53.13/euro for selling.

CIB reported EGP 53.12/euro for selling and EGP 52.62/euro for buying.

Saudi riyal
 

The CBE's website showed a rate of EGP 13.53/1 SAR for buying and EGP 13.57/1 SAR for selling, compared to EGP 13.28/1 SAR for buying and EGP 13.32/1 SAR for selling on 5 December.

ADIB reported EGP 13.57/1 SAR for selling and EGP 13.54/1 SAR for buying, while CIB reported EGP 13.56/1 SAR for selling and EGP 13.54/1 SAR for buying.

UAE dirham
 

The UAE dirham also appreciated, rising by 1.83 percent to record EGP 13.88/1 AED for selling and EGP 13.84/1 AED for buying, compared to EGP 13.63/1 AED for selling and EGP 13.59/1 AED for buying on 5 December, according to CBE.

ADIB reported the highest exchange rates for the dirham, with EGP 13.88/1 AED for selling and EGP 13.85/1 AED for buying.

QNB reported EGP 13.87/1 AED for selling and EGP 13.85/1 AED for buying.

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