Egyptian Pound Jumps One Pt. Against USD

According to the central bank of Egypt (CBE), the official dollar purchase prices fell against the Egyptian pound  at the close of trading on Wednesday by about one piastre to record EGP 15.66, while selling prices stabilized at EGP 15.79.

The average dollar exchange rate in banks stood today at EGP 15.66 to buy and EGP 15.76 to sell, after jumping 6 piastres last Sunday.

According to the data, the highest price of the dollar against the pound was recorded in Audi bank at EGP 15.67 for purchase and EGP 15.77 for sale, while the lowest price was reported at the National Bank of Egypt (NBE) at EGP 15.65 to buy and EGP 15.75 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.