The exchange rate of the US dollar rose against the Egyptian pound, Wednesday, October 26, 2022, by two piasters, as the highest price for selling reached LE19.75 and for purchase LE19.72, while the lowest price for selling was LE19.71 and for purchase LE19.65.
The exchange rate of the US dollar against the pound in Egyptian banks:
-Commercial International Bank (CIB)
Purchase LE19.69
Sale LE19.75
-Banque Misr and National Bank of Egypt
Purchase LE19.67
Sale LE19.73
-HSBC
Purchase LE19.63
Sale LE19.73
-ALEXBank
Purchase LE19.68
Sale LE19.73
The Central Bank of Egypt, on Saturday October 1, raised the required reserve ratio in banks from 14 percent to 18 percent.
The CBE confirmed in the periodic bulletin that the decision contributes to restricting the monetary policy it pursues.
In its meeting on Thursday the Monetary Policy Committee of the CBE kept the overnight deposit and lending rates and the bank’s main operation rate at 25.11 percent, 25.12 percent and 75.11 percent, respectively.
The credit and discount rate was also kept at 75.11 percent.
The bank also opted to increase the percentage of cash reserves that banks are obligated to maintain with CBE to become 18 percent instead of 14 percent.
In November 2016, the price of the dollar against the Egyptian pound witnessed a radical change, after the flotation of the pound.
The dollar price at the time jumped to LE18.89 up from LE 8.86. It settled between LE15.6 and LE16 between 2019 and 2022.
In March, the Egyptian pound fell to LE18.30 against the dollar, while it gradually declined after the decline to record by August 17 at the National Bank of Egypt LE19.16, losing about 22 percent of its value since March, and losing about 216 percent of its value since 2016.
Edited translation from Al-Masry Al-Youm
