Exchange Rate

FULL COVERAGE | IMF Agreement Marks Milestone for Egypt's Economic Revitalization

Wed, 06 Mar 2024 - 07:37 GMT

Prime Minister Madbouly emphasized that the private sector creates more job opportunities and encourages investment in the Egyptian economy.

Dollar concludes Wednesday’s transactions at LE 49.4743 for buying, LE 49.5743 for selling

Wed, 06 Mar 2024 - 05:22 GMT

The highest dollar rate on Wednesday reached LE 50.75 for buying and LE 50.85 for selling at Credit Agricole Egypt, MIDBANK, Abu Dhabi Islamic Bank Egypt, Abu Dhabi Commercial Bank Egypt, and Emirates NBD Egypt.

CBE's decisions deprive currency traders of manipulating dollar's price: economic expert

Wed, 06 Mar 2024 - 10:37 GMT

This intervention prevents currency traders from manipulating the dollar's price again. Monetary tightening is considered a crucial economic measure to bring about a form of equilibrium in the exchange rate.

Sources deny social protection decisions aim to pave way for liberalization of exchange rate

Wed, 07 Feb 2024 - 05:19 GMT

Egyptian sources denied on Wednesday rumors that social protection decisions issued by president Abdel Fattah al Sisi aim to pave the way for a new liberalization of the exchange rate.

Adopting new flexible FX policy should settle pound at LE 39.61 against USD by 2028: IDSC

Mon, 08 Jan 2024 - 05:33 GMT

The government’s 2030 strategy included driving inflation down to 9.2 percent on average between 2024 and 2028, with a further decline to 5 percent by 2030

Morgan Stanley suggests phase devaluation as it renews economic reforms post-election

Wed, 13 Dec 2023 - 03:19 GMT

In a research note seen by the news outlet, Morgan Stanely suggested Egypt implement a “phased devaluation of the pound in the short term, rather than a complete floatation of the exchange rate” rather than a free float

Egypt 'serious' about adopting flexible exchange rate: IMF official

Wed, 03 May 2023 - 05:17 GMT

“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.

Dollar price increases at end of transactions at Egypt's major banks

Mon, 30 Jan 2023 - 05:43 GMT

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.

Flexible exchange rate helps stabilize commodity prices, avoid random pricing: Expert

Thu, 12 Jan 2023 - 10:11 GMT

The US dollar price started with a surge recording LE 32, and then decreased to LE 29.67 on Wednesday.

Dollar exchange rate rises against Egyptian pound, exceeding LE 26

Wed, 04 Jan 2023 - 11:11 GMT

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.

Egypt denies allegations about pound exchange rate, dollar shortage

Tue, 13 Dec 2022 - 05:37 GMT

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.

Egyptian business community leader warns of long-run negative impact of trade deficit on exchange rate

Sun, 30 Oct 2022 - 02:25 GMT

Head of the Export Council for Engineering Industries Sherif al-Sayad made the statements in a TV interview Saturday.

Penalty of price manipulation, monopolistic practices can reach up to LE2M: Egypt's Consumer Protection Agency

Sun, 30 Oct 2022 - 11:16 GMT

Hossam El Din's statements are made amid an expected rise in prices due to the devaluation of the Egyptian pound on Thursday.

EGX jumps 4.3% after CBE's decisions to raise interest rates, liberalize exchange rate

Thu, 27 Oct 2022 - 11:02 GMT

By 11 PM Cairo time, the benchmark EGX30 rose 4.32 percent, reaching levels of 11,009 points.

Egypt's central bank raises interest rates 2%, adopts flexible exchange rate

Thu, 27 Oct 2022 - 09:28 GMT

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.

Dollar exchange rate surpasses LE19 at Egypt's major banks

Tue, 02 Aug 2022 - 03:34 GMT

The US dollar rate increased by 5 piasters for buying and selling.

Egyptian pound to reach LE21/$ by end of 2022 with further fall to take place

Mon, 01 Aug 2022 - 04:41 GMT

The economics company also anticipated a 16 percent decrease by the end of 2024 to record 25 per dollar.

Exchange department: 300% increase in dollar selling rate

Thu, 24 Mar 2022 - 04:35 GMT

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.

Dollar exchange rate increased between 28-30 piasters against Egyptian pound

Tue, 22 Mar 2022 - 02:41 GMT

The dollar rate registered LE 18.45 for buying and LE 18.55 for selling at the Commercial International Bank (CIB).

President Sisi approves 13% increase in pensions: Egypt’s PM

Mon, 21 Mar 2022 - 09:15 GMT

The increase would be applied next April rather than July, at an additional cost of LE 8 billion.