The US Dollar maintained prices against the Egyptian pound in the banking dealings on Friday, recording LE16.69 for purchase and LE16.79 for selling in the Central Bank of Egypt (CBE).
According to the price updates, the dollar recorded LE16.71 for purchase and LE16.81 for selling in Bank al-Qahera.
In the National Bank of Egypt (NBE), the dollar recorded LE16.71 for purchase and LE16.81 for selling.
In Bank Misr, the dollar recorded LE16.71 for purchase and LE16.81 for selling.
In an attempt to revive its faltering economy since 2011, Egypt obtained an IMF loan in 2016 in exchange for implementing a rigorous reform program, beginning with floating the pound. Egypt began implementing the IMF reform program in November 2016. The international lender made a deal to provide Egypt with a US$12 billion loan in exchange for wide-ranging structural economic reforms.
The reforms include a raft of measures such as devaluing the pound currency, loosening capital controls, ending energy subsidies, reforming public enterprises and overhauling monetary policy – all in a bid to restore economic stability and long-term growth.
The first step the IMF commended was the flotation of the pound, a measure quickly taken in November 2016. The following year, Egypt slashed parts of its energy subsidies, resulting in a 60 percent surge in fuel prices.
Edited translation from Al-Masry Al-Youm