Egyptian pound steady against dollar at local banks

CAIRO – 12 April, 2017: The Egyptian pound almost held steady against the U.S. dollar at the Central Bank of Egypt (CBE) Thursday, and local banks kept prices unchanged from Wednesday’s rates.

The average rate at the CBE recorded EGP18.03 for buying, compared to EGP17.99 yesterday, while the dollar was sold at EGP18.13, compared to EGP18.10.

The two governmental banks, National Bank of Egypt and Banque Misr, traded the dollar at EGP17.95 and EGP18.05, for buying and selling respectively.

Commercial International Bank, the largest commercial private bank in Egypt, also kept Wednesday prices at EGP18.05 for buying and EGP18.15 for selling.

Since November, Egypt has been implementing an ambitious economic reform program with the aim of boosting its ailing economy hit by instability and tourism decline. The authorities floated the local currency, applied a Value Added Tax (VAT) and slashed fuel subsidies.