The Central Bank of Egypt announced Thursday that the US dollar soars to its highest level against the Egyptian pound this week.
The official rate for the dollar at the CBE on Thursday registered EGP 15.5422 to buy and EGP 16.1351 to sell whereas it reached EGP 15.2954 for buying and EGP 15.9214 for selling on Wednesday.
The banking sector suffered loss due to the lack of dollar liquidity during the last two years caused by the decline in tourism rates and Suez Canal revenues as well as remittances by Egyptian expatriates, which consequently led to an increase in the exchange rate of the US currency finally reaching LE18 to the dollar before the pound floatation decision was announced by the Egyptian government earlier in November 2016.
