Egyptian Pound Stabilizes Against Dollar, Appreciates Versus Euro, Sterling

The exchange rates of the US dollar witnessed a cautious calm against the Egyptian pound during Sunday's trading, while the euro and the sterling pound recorded a noticeable decline in most banks operating in Egypt, following a wave of rises witnessed during the past month, following the decision of the Central Bank of Egypt to raise the interest rate by 1% .

USD vs EGP

In the two largest state banks, the National Bank of Egypt (NBE) and Banque Misr, the dollar exchange rate recorded EGP 18.35 pounds to buy, and EGP 18.42 to sell, which are the same closing prices on Thursday.

In private banks, the dollar exchange rate at the Commercial International Bank (CIB) recorded EGP 18.34 to buy and EGP 18.44 to sell.

According to the Central Bank of Egypt (CBE), the average market price in Egyptian pounds against the dollar was set at EGP 18.34 to buy, and EGP 18.43 to sell.

On the level of major currencies, the repercussions of the Russian-Ukrainian war are still casting a shadow on international financial markets and banks.

Euro vs EGP

The European currency, the "euro", recorded a decline of 12-18 piastres, state and private banks.

The price of the euro fell to EGP 19.81 to buy, and EGP 19.94 to sell in both NBE and Banque Misr.

At the CIB, the European currency also dropped to EGP 19.80 to buy, and EGP 19.97 to sell.

According to the Central Bank, the average market price in the Egyptian pound against the euro was set at EGP 19.99 to buy, and EGP 19.10 to sell.

Sterling vs EGP

The exchange rate of the pound sterling witnessed a decline of 10-13 piastres to EGP 23.94 to buy, and EGP 24.09 to sell in both NBE, and Misr.

At the CIB, the euro recorded EGP 23.93 to buy and EGP 24.11 to sell.

According to the Central Bank, the average market price is EGP 24.08 to buy and EGP 24.21 to sell.

Saudi riyal

On the level of Arab currencies, the prices of the Saudi riyal in the National Bank and Banque Misr stabilized to record EGP 4.88 to buy and EGP 4.91 to sell.

The Kuwaiti dinar exchange rates also witnessed a decline of 4-8 piastres at the beginning of trading, to record EGP 57.80 and EGP 60.38.

The UAE dirham recorded EGP 4.99, and EGP 5.01.