Dollar Drops further against Egyptian Pound to 48.31

The U.S. dollar dropped against the Egyptian pound to 48.31 on Saturday, dropping nearly EGP 1.3 since its all time high in March 2024. 

The greenback witnessed a major decline that continued since the end of last August, interspersed with slight increases on some days.

The dollar is significantly down from the price it recorded in August, as it recorded a decline of about 104 piasters from the highest price it recorded in August, which is EGP 49.45.

The Central Bank of Egypt (CBE) announced the withdrawal of liquidity worth EGP 848.4 billion in the open market tender on Tuesday, from 28 banks after its recent decision to amend the policies of accepting tenders at an interest rate of 27.75%, according to data published on the official website of the Central Bank.

According to data published on the official website of the Central Bank, the bank's gold balances increased to EGP 498.234 billion by the end of August, compared to EGP 479.386 billion a month earlier, an increase of EGP 18.848 billion.

CBE Exchange Rates

Euro                  53.86 54.02

Sterling             64.60 64.79

Saudi Riyal       12.87 12.90

Kuwaiti Dinar  158.22 158.78

UAE Dirham    13.14 13.18

Qatari Riyal     13.24 13.28

Jordan's Dinar 68.00 68.39