US Dollar Exchange Rate Increases in Egypt

The US dollar exchange rate recorded a significant increase in all banks against the Egyptian pound on Monday.

The exchange rate of the US dollar recorded LE 18.25, compared to LE 15.75 in Sunday’s trading, an increase of 175 piasters. The Central Bank of Egypt announced in an extraordinary meeting this morning.

The decision was to raise the interest rate by 100 basis points: to be 9.25 percent for deposits and 10.25 percent for one-night lending.

The Central Bank of Egypt affirmed that it believes in the importance of exchange rate flexibility to serve as a tool for absorbing shocks and maintaining Egypt’s competitiveness.