Egyptian Pound Stabilizes Against Major Currencies on Eid al-Adha

Major Currency prices stabilized on Friday against the Egyptian pound due to the closure of transactions on the occasion of Eid Al-Adha.

According to the latest updates from a number of major banks in Egypt, prices stabilized against the Egyptian pound.

The price of the dollar stabilized against the Egyptian pound at EGP 15.92 to buy, EGP 16.02 to sell.

The exchange rate of the euro also stabilized against the pound at EGP 18.65 to buy, EGP 18.85 to sell, and the exchange rate of the British pound sterling stood at EGP 20.55 for purchase, EGP 20.79 for sale.

As for the price of the Saudi riyal, it registered EGP 4.14 to buy, and EGP 4.27 to sell.

According to the latest data of the National Bank of Egypt (NBE) , the Kuwaiti dinar exchange rate recorded EGP 49.58 to buy, and EGP 52.37 to sell.

Meantime, the central bank of Egypt (CBE) denied reports of the suspension of trading in paper currencies, in conjunction with the start of issuing polymer ones, stressing that there is no truth to these rumors.

"The government issuance of the 10-pound plastic money will not cancel its current circulating paper counterpart. The old category will still have the power of discharge even in the presence of the new category, and citizens have the right to use it normally," CBE pointed out.

Egyptian Pound Exchange rates:

Dollar             EGP 15.92 to buy, EGP 16.02 to sell.

Euro                EGP 18.65 to buy, EGP 18.85 to sell,

Sterling          EGP 20.55 for purchase, EGP 20.79 for sale.

Saudi riyal      EGP 4.14 to buy, and EGP 4.27 to sell.

Kuwaiti dinar EGP 49.58 to buy, and EGP 52.37 to sell.

Meantime, the bank will inaugurate in its new headquarters the largest printing facility, which will be equipped with the latest currency production machines in the world, and will start issuing Egyptian “plastic” currencies for the first time, starting with the category of 10 pounds.

Despite the high cost of issuing these currencies, they are considered non-polluting currencies, and they have a greater life span than paper banknotes.

In order to reduce the cost of printing, CBE will start with the category of EGP 10 to maintain the quality, cleanliness of money and extend its duration usage.

Egypt is expected to introduce the newer version of polymer banknotes this year. The newer version is waterproof, hard to set on fire, and difficult to rip up.