The Egyptian pound fell on Wednesday during trading hours against the US dollar as State-owned Banque Misr offered one-year savings certificates with a return of 25%.
According to an average of exchange rates at various major banks in Egypt, the US dollar exchange rate registered EGP 26.18 up from EGP 24.70 on Tuesday.
The depreciation of the Egyptian pound against the US dollar started shortly after the Central Bank of Egypt (CBE) announced it was adopting a more flexible exchange-rate regime as one of a host of new monetary policies.
It's worth mentioning that the central bank has also raised the Reserve Requirement (RR) ratio – which represents the percentage of total deposits a commercial bank is required to hold in reserve as deposits with central banks with no interest in return – to 18 percent, up from 14 percent, for the first time since October 2017 when it was raised from 10 percent.
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