Exchange Rate
“Egypt is working to restore investor confidence in an economy that was damaged by the repercussions of the Russian invasion of Ukraine,” according to Azour’s televised statements.
At the National Bank of Egypt (NBE) and Banque Misr, the dollar rate registered LE 29.90 for buying and LE 30.00 for selling.
The US dollar price started with a surge recording LE 32, and then decreased to LE 29.67 on Wednesday.
In the two largest banks in terms of assets and transactions, the National Bank of Egypt and Banque Misr, the exchange rate recorded LE 25.9 for purchase, and LE 25.95 for sale.
It stated in a recent report that Egypt has recently adopted a flexible exchange rate policy, describing it as the most appropriate one in the case of open economies that adopt an independent monetary policy.
Head of the Export Council for Engineering Industries Sherif al-Sayad made the statements in a TV interview Saturday.
Hossam El Din's statements are made amid an expected rise in prices due to the devaluation of the Egyptian pound on Thursday.
By 11 PM Cairo time, the benchmark EGX30 rose 4.32 percent, reaching levels of 11,009 points.
The overnight deposit rate, overnight lending rate, and the rate of the main operation were raised to 13.25 percent, 14.25 percent, and 13.75 percent, respectively. The discount rate was also kept raised to 13.75 percent.
The US dollar rate increased by 5 piasters for buying and selling.
The economics company also anticipated a 16 percent decrease by the end of 2024 to record 25 per dollar.
Hariri noted that a large group of customers untied their dollar-saved bank deposits and bought Egyptian pounds to benefit from the proceeds of the one-year certificates offered by the two state-owned banks.
The dollar rate registered LE 18.45 for buying and LE 18.55 for selling at the Commercial International Bank (CIB).
The increase would be applied next April rather than July, at an additional cost of LE 8 billion.
The Russian-Ukrainian war was another blow that led to global economic instability and major economic wars, and of course, it affected Egypt, Amer continued.
The US dollar exchange rate rose from LE 15.6 for purchase and LE 15.75 for sale.
That is attributed to economic reforms made by the Central Bank of Egypt and the support of the political leadership that led to more economic and political stability, some banking experts told MENA Thursday.
At the National Bank of Egypt (NBE) and Banque Misr, the dollar rate remained stable, recording LE 15.64 for buying and LE 15.74 for selling.
Egypt's foreign cash reserves have been on the rise since June 2020.
At the National Bank of Egypt (NBE) and Banque Misr, the dollar rate remained stable, recording LE 15.64 for buying and LE 15.74 for selling.
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