US dollar price stabilizes on Wednesday in Egypt ahead CBE meeting

On Wednesday, December 21, the price of the US dollar stabilized against the Egyptian pound.

This happened in most banks operating in Egypt, ahead of a meeting for the Central Bank of Egypt’s Monetary Policy Committee meeting, on Thursday.

The price of the dollar Wednesday, at Egyptian banks, was as follows:

Central Bank of Egypt

LE24.66 for purchase

LE 24.74 for sale

Banque Misr

LE24.64for purchase

LE 24.69 for sale

National Bank of Egypt

LE24.64 for purchase

LE 24.69 for sale

The price of the Saudi riyal at the CBE:

LE6.56 for purchase

LE6.59 for sale

The price of the Kuwaiti dinar at the CBE:

LE80.62 for purchase

LE 80.91 for sale

The price of the UAE dirham at the CBE:

LE6.72 for purchase

LE6.74 for sale

The price of the euro at the CBE:

LE26.27 for purchase

LE26.36 for sale

The price of the pound sterling at the CBE:

LE30.0 for purchase

LE30.11 for sale

The Monetary Policy Committee of the Central Bank of Egypt will hold its last meeting before the end of 2022, on Thursday.

Many analysts expect that policy makers will raise interest rates to support the Egyptian pound against the dollar and other foreign currencies, and to curb rising inflation.

The CBE issued a statement, on Thursday, November 3, announcing reform measures to ensure macroeconomic stability and achieve sustainable and comprehensive economic growth, floating the Egyptian pound.

Egypt first devalued its currency by 48 percent in 2016, allowing it to float freely in order to meet a key demand by the International Monetary Fund to secure a three-year US$12 billion loan.

The CBE announced the devaluation of the Egyptian pound for the second time in March by nearly 17 percent.

The CBE, 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.

Related Articles

Back to top button