The Egyptian pound continued its decline against the dollar in banks on Thursday, after the Central Bank of Egypt (CBE) allowed the currency to devaluate to levels close to EGP 26.5 against the dollar yesterday.
The pound continued to decline in evening transactions to exceed EGP 27 in several banks, while the parallel or black market completely stopped working.
The dollar recorded the highest price in AL Mashreq Bank at EGP 27.25 for sale, EGP 27.15 for purchase, and reached EGP 27.2 to sell in several banks, including Emirates NBD and Al-Ahly United.
At the central bank the US Dollar recorded EGP 27.01 to buy and EGP 27.11 to sell, while the euro recorded EGP 28.65 to buy and EGP 28.77 to sell. Meantime, the pound sterling stood at EGP 32.46 to buy and EGP 32.59 to sell.
Yesterday, the CBE again allowed the pound to decline against the dollar in the third significant devaluation in less than a year.
Banque Misr, and the National Bank of Egypt (NBE), the two largest state-run banks offered a new savings certificate with an interest rate of 25% for a year, which is the highest in the Egyptian banking sector.
Egypt announced targeting high inflation rates during the new year, and also reduced the price of the pound against the dollar during 2022, after it agreed with the International Monetary Fund, during the past month, on a loan of $ 3 billion.
Against the background of the new exchange rates for the dollar in Egyptian banks, the assumed black market stopped working until late trading on Wednesday, with no actual implementation in the market and the continued increase in the supply of dollars, and Thursday morning’s dealings.
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