Dollar Drops 10 Piastres in Egyptian Banks

The dollar exchange rate declined by an average of 10 piastres, a short while ago, within a group of banks that included, the National Bank of Egypt (NBE), Commercial International Bank (CIB), Alexandria Bank, Arab African Investment Bank (AAIB), Suez Canal Bank, HSBC, Emirates Bank Dubai, Arab International Bank, Faisal Bank, Qatar National Bank (QNB) and saib.

The list of previous banks offered the dollar trading between EGP 18.32 to EGP 18.35 to buy and 18.42 to 18.45 to sell, compared to the level of EGP 18.45 and EGP 18.55 for buying and selling, respectively, at the beginning of trading on Wednesday.

The dollar made great leaps over the past two days against the pound as part of monetary measures taken by the Central Bank of Egypt (CBE) to restore discipline to the local market and confront waves of inflation resulting from global conditions, including an increase in the interest rate by 1% in an exceptional meeting of the Monetary Policy Committee, in addition to the NBE and Misr offering two savings certificates with a return of 18% for a 12-month period.