The exchange rate of the US dollar against the Egyptian pound increased for the third time during Monday trading, to reach LE18.22 by noon, an increase of 15.9 percent compared to Sunday’s rates.
The exchange rate of the US dollar in all banks this morning witnessed an increase against the Egyptian pound, after a meeting for the central Bank of Egypt, that witnessed increase interest rates.
The exchange rate of the US dollar started in morning trading at LE17.5, compared to LE 15.74 in Sunday’s trading, with an increase of 175 piasters equal to 11.2 percent.
Two hours later, the exchange rate of the US dollar against the pound rose by two piasters, to reach LE 17.77, before rising again, bringing the exchange rate of the US dollar against the Egyptian pound to LE 18.22.
The Monetary Policy Committee of the Central Bank of Egypt decided in its extraordinary meeting on Monday to raise the overnight deposit and lending rates.
The central bank’s main operation rate by 100 basis aims to reach 9.25 percent , 10.25 percent and 9.75 percent , respectively. The credit and discount rate was also raised by 100 basis points to 9.75 percent .
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.
The US dollar exchange rate in Egyptian banks is as follows:
In the National Bank of Egypt, LE 18.15 for purchase, and LE 18.15 for sale.
In Banque Misr, LE 18.15 for purchase, and 18.25 for sale.
In the Commercial International Bank LE 18.17 for purchase, and LE 18.27 for sale.
In the Suez Canal Bank, LE 18.17 for purchase, and LE 18.27 for sale.