FILE- A bank employee counts U.S. dollar in a local bank
CAIRO- 14 December 2017: The Egyptian pound exchange rate is stable in Thursday's morning banking transactions, but it recorded hikes on the weekly basis.
The exchange rate of the U.S. dollar recorded an average of LE 17.76 for buying and LE 17.86 for selling at the Central Bank of Egypt (CBE), compared to LE 17.68 for buying and LE 17.78 rate at the end of last week.
As for state-owned banks, the National Bank of Egypt (NBE) and Banque Misr, the U.S. dollar stood at LE 17.69 for buying and LE 17.79 for selling, up from LE 17.66 for buying and LE 17.76 for selling last week.
The highest rate was recorded at the Abu Dhabi Islamic Bank at LE 17.78 for buying and LE 17.88 for selling, compared to LE 17.74 for buying and LE 17.82 for selling last week.
The dollar was set at LE 17.77 for buying and LE 17.87 for selling at the Commercial International Bank (CIB) and Banque du Caire, up from LE 17.69 for buying and LE 17.79 for selling.
Egypt's current priority is not reaching a stable dollar exchange rate, "the CBE main job now is to increase inflows of foreign currency...stabilizing the exchange rate is no longer our target,” CBE Governor Tarek Amer said in a press conference in October.
On the global level, the U.S. dollar tumbled Thursday after the Federal Reserve expectedly raised interest rates. The dollar index, which tracks the greenback against a basket of six major currencies, eased 0.1 percent to 93.372 .U.S. dollar index (DXY) after falling 0.7 percent on Wednesday.
The Fed raised key short-term rates by a quarter point to a range of 1.25-1.50 percent on Wednesday. The Fed projected three more hikes in both 2018 and 2019, unchanged from the last round of forecasts in September.