The US dollar exchange rate decreased slightly by two piasters on Sunday compared to Thursday’s rates, which were LE18.29 for purchase, and LE18.39 for sale.
The US dollar exchange rate increased by 15.9 percent against Egyptian pound last week when the Central Bank of Egypt (CBE) increase the interest rates.
The US dollar exchange rate in Egyptian banks during Sunday morning trading is as follows:
- In the National Bank of Egypt, LE18.27 for purchase, and LE18.37 for sale.
- In Banque Misr, LE18.27 for purchase, and LE18.37 for sale.
- In the Commercial International Bank LE18.25 for purchase, and LE18.35 for sale.
- In the Suez Canal Bank, LE18.25 for purchase, and LE18.35 for sale.
The Monetary Policy Committee of the Central Bank of Egypt decided in its extraordinary meeting on Monday to raise the overnight deposit and lending rates.
The central bank’s main operation rate by 100 basis aims to reach 9.25 percent, 10.25 percent and 9.75 percent.
The credit and discount rate was also raised by 100 basis points to 9.75 percent.
The Central Bank of Egypt affirmed that it believes in the importance of exchange rate flexibility to serve as a tool for absorbing shocks and maintaining Egypt’s competitiveness.