Dollar Sells at 49.78 against Egyptian Pound by End of Trading

The US dollar rose against the Egyptian pound by the end of trading, Wednesday, according to the latest updates of currency exchange rate screens.

The dollar price rose against the pound in in most of the bank operating in the Egyptian market, compared to yesterday's prices.

The exchange rate of the U.S. currency at the Central Bank of Egypt (CBE) recorded EGP 49.68 pounds to buy, and EGP 49.78 to sell against the Egyptian pound.

It reached EGP 49.67 to buy, and EGP 49.77 to sell at the National Bank of Egypt (NBE), and recorded  EGP 49.67 to buy, and EGP 49.77 to sell at Banque Misr.

At the Commercial International Bank (CIB), the dollar traded higher at EGP 49.68 to buy and EGP 49.78 to sell.

Recently, the Egyptian government referred to the Prime Minister's recent statements regarding the flexible exchange rate policy, explaining that the state adopts a mechanism that ensures relative stability in the exchange rate at a rate of change not exceeding 3 - 4%.

Meanwhile, US President-elect Donald Trump warned the BRICS countries that if they move to launch a new currency to become an alternative to the dollar, they will be confronted with 100% tariffs, as their products enter the United States.

US dollar