Dollar Loses Two Piastres Against Egyptian Pound

The official dollar exchange rates fell against the Egypt pound in the Central Bank of Egypt (CBE) on Sunday by about two piastres to register EGP 15.736 to buy and EGP 15.836 to sell, compared to EGP 15.73  and EGP 15.86 last Thursday.

According to data from the CBE, the average dollar exchange rate reached EGP 15.75 to buy and EGP 15.85 to sell.

Meantime, the highest dollar price was recorded in the Mashreq Bank at EGP 15.78 to buy and EGP 15.88 to sell, while the lowest price at  the Arab African International Bank (AAIB) at EGP 15.73 and EGP 15.83 to sell.

The price of the dollar in the Egyptian market depends on the law of supply and demand, and the Central Bank of Egypt is the primary determinant of the official rate of exchange, in addition to the influences that affect the prices of currencies up and down and the reasons for the activity of the black market.

The Egyptian pound has stabilized significantly compared to its price about two years ago, heading for stability in exchange for currencies in the short term, and a gradual decline in their prices in the medium term, while analysts see a rise in the pound against all currencies in the long term.

Since 2017, each bank separately determines the exchange rate of the dollar in it according to its cash reserves.

One can find the price of the dollar in Banque Misr different from the price in the National Bank of Egypt (NBE) or the Commercial International Bank (CIB) and this is due to the volume of demand from clients on the dollar inside the bank itself or the parallel market for the greenback price in a natural reflection of the volume of demand for currencies.