Dollar Exchange Rate Exceeds EGP 24 Barrier

The exchange rates of the US dollar continued to rise against the pound in Egyptian banks during Sunday's trading to cross the $24 barrier in some banks.

It rose in Abu Dhabi Islamic Bank - Egypt to EGP 24.1 pounds for purchase, and EGP 24.2 pounds for sale.

The price of the dollar in Credit Agricole - Egypt also rose to EGP 24 to buy, and EGP 24.1 pounds to sell.

In the National Bank of Egypt (NBE), and Banque Misr, the price of the dollar rose to EGP 23.15 pounds for purchase, and EGP 23.25 to sell.

While it rose in the Commercial International Bank (CIB) to EGP 23.4 pounds for purchase, and EGP 23.5 to sell.

It was recorded at the Arab African International Bank (AAIB) about EGP 23.15 for purchase, and EGP 23.25 to sell.

The Monetary Policy Committee (MPC) of the Central Bank had decided, in an extraordinary meeting last Thursday, to raise the interest rates on the overnight deposit and lending returns and the price of the main operation of the bank by 200 basis points, to reach 13.25%, 14.25% and 13.75%, respectively. 

The credit and discount rate was raised by 200 basis points to 13.75%.

Dollar Exchange Rate Exceeds EGP 24 Barrier