US dollar exchange rate jumps to LE 17.5

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Mon, 21 Mar 2022 - 11:11 GMT

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Mon, 21 Mar 2022 - 11:11 GMT

US dollar- Creative Commons/Pixabay/Brett Hondow

US dollar- Creative Commons/Pixabay/Brett Hondow

CAIRO - 21 March 2022: The exchange rate of the US dollar against the Egyptian pound in the National Bank of Egypt and Banque Misr jumped to LE 17.4 for purchase and LE 17.5 for sale.
 
The US dollar exchange rate rose from LE 15.6 for purchase and LE 15.75 for sale.
 
The move in the dollar exchange rate against the pound comes after the Monetary Policy Committee of the Central Bank of Egypt announced, in an extraordinary meeting on Monday, to raise the interest rate by 100 basis points.
 
The Central Bank of Egypt’s (CBE) overnight deposit rate, overnight lending rate, and the rate of the main operation were raised to 9.25 percent, 10.25 percent, and 9.75 percent, respectively.
 
 The discount rate was also raised by 100 bps to 9.75 percent. 
 

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