Supervisor Elham AbolFateh
Editor in Chief Mohamed Wadie

Dollar Falls Further against Egyptian Pound to 46.94


Tue 14 May 2024 | 11:08 PM
US dollar
US dollar
Tarek Refaat

The US dollar continued to decline against the Egyptian pound in Tuesday's trading, as the greenback's exchange rate fell to less than 47 pounds by the end of trading.

The Egyptian pound's gains come as dollar liquidity continues to improve, and the pace of Egyptians giving up the dollar and various foreign currencies was accelerating.

The proceeds of one of the branches of a bank from waiving the dollar amounted to $100 million on some days.

Three exchange companies affiliated with the largest government banks in Egypt collected proceeds amounting to about 26.215 billion pounds in foreign exchange proceeds and sales, since the Central Bank of Egypt’s decision to reduce the value of the Egyptian pound on March 6 until the beginning of this week.

In recent transactions, the dollar exchange rate at the National Bank of Egypt fell to the level of 46.94 for purchase, and 47.04 pounds for sale.

At Banque Misr, the dollar exchange rate stabilized at 46.95 pounds for purchase, and 47.05 pounds for sale.

In private banks, the dollar exchange rate at the Commercial International Bank - Egypt stabilized at 46.90 pounds for purchase, and 47 pounds for sale. At the Central Bank of Egypt, the average exchange rate of the US dollar recorded 46.98 pounds for purchase, and 47.12 pounds for sale.

As for the major currencies, the exchange rates of the single European currency recorded a slight increase in buying and selling in Egyptian banks.

In the National Bank of Egypt, the euro exchange rate recorded about 50.71 pounds for purchase, and 50.85 pounds for sale. At Banque Misr, the euro exchange rate stabilized at 50.70 pounds for purchase, and 50.85 pounds for sale.

In private banks, the euro exchange rate at the Commercial International Bank stabilized at 50.70 pounds for purchase, and 50.87 pounds for sale. At the Central Bank of Egypt, the single European currency recorded a level of 50.65 pounds for purchase and 50.81 pounds for sale.

The exchange rate of the pound sterling also recorded slight increases, and at the National Bank of Egypt the exchange rate of the pound sterling stabilized at the level of 59.02 pounds for purchase and 59.19 pounds for sale.

In private banks, the exchange rate of the pound sterling at the Commercial International Bank - Egypt recorded about 59.02 pounds for purchase and 59.19 pounds for sale. At the Central Bank of Egypt, the exchange rate of the pound sterling stabilized at 58.89 pounds for purchase and 59.06 pounds for sale.

The exchange rate of the Saudi riyal at the National Bank of Egypt recorded a level of 12.53 pounds for purchase and 12.56 pounds for sale. The exchange rate of the UAE dirham stabilized at about 12.81 pounds for purchase and 12.82 pounds for sale. The Kuwaiti dinar exchange rate also recorded 152.26 pounds for purchase and 153.28 pounds for sale.

US dollar