Foreign and Arab exchange rates fell against the Egyptian pound during trading on Wednesday in most banks operating in Egypt, following the decision of the Central Bank of Egypt (CBE) to raise the interest rate by 1%.
Dollar: 18.27 to buy, 18.37 to sell
As for the dollar exchange rate, in the two largest Egyptian state banks, the National Bank of Egypt (NBE) and Banque Misr, the price of the dollar decreased by two piastres to record EGP 18.25 to buy, and EGP 18.35 to sell.
In private banks, the dollar exchange rate at the Commercial International Bank (CIB) decreased by 4 piastres, buying and selling; to record EGP 18.23 for purchase, and EGP 18.33 to sell.
According to the CBE, the average market price in Egyptian pounds against the dollar is EGP 18.27 to buy, and EGP 18.37 to sell.
EURO: 20.26 to buy, 20.38 to sell
The exchange rate of the euro at the NBE and Banque Misr recorded EGP 20.22 to buy, and EGP 20.48 to sell.
At CIB, the European currency fell to EGP 19.20 to buy, and EGP 20.45 to sell.
According to the central bank, the average market price in the Egyptian pound against the euro is EGP 20.26 to buy, and EGP 20.38 to sell.
Sterling: 23.98 to buy, 24.12 to sell
The exchange rate of the pound sterling also witnessed a discrepancy between an increase and a decline.
In the National Bank and Banque Misr, the price of sterling was EGP 23.88 to buy, and EGP 24.14 to sell.
In private banks, the pound sterling also fell in the CIB to record EGP 23.85 to buy, EGP 24.12 to sell. According to the Central Bank, the average market price in the Egyptian pound against the pound sterling is EGP 23.98 to buy, EGP 24.12 to sell.
Saudi Riyal: 4.86 to buy, 4.89 to sell
On the level of Arab currencies, the prices of the Saudi riyal in the National Bank and Banque Misr calmed down, recording EGP 4.86 to buy, and EGP 4.89 to sell.
While the Kuwaiti dinar exchange rates witnessed EGP 57.76 to buy, and EGP 60.39 to sell.
The UAE dirham to record EGP 4.96 to buy, EGP 4.99 to sell.
Meantime, Saudi Arabia deposited $5 billion in Egypt's central bank to enhance its foreign reserves, amidst the devaluation of the pound.
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