Euro Climbs 13 Pt. Against Egyptian Pound

The price of the euro jumped on Tuesday against the Egyptian pound by about 13 piastres, continuing the upward trend it started since the end of March, supported by gains of 0.5% against the US dollar.

The foreign exchange rates are determined against the pound according to an arithmetic formula that takes into account its global movements against the dollar.

The Central Bank of Egypt (CBE) announced an increase in the average price of the European currency against the pound on Tuesday to reach 19,097 to buy and 19,225 to sell, compared to 18.966 and 19.091, respectively, in Monday’s trading.

The euro’s gains against the pound have reached about 73 piastres since the beginning of April.

The euro’s prices witnessed varying increases in Egyptian banks. The European currency price recorded the highest purchase level at Abu Dhabi Islamic Bank at EGP 19.08, while the lowest selling price reached EGP 19.15 Med Bank.

The banks announced that the euro was trading between EGP 18.91-19.08 to buy and 19.15-19.26 to sell.