US Dollar Price Stabilizes on Monday in Egypt

The article by Egypt Independent reported that the price of the US dollar continued its stability against the Egyptian pound on Monday. This trend was noted by the Central Bank of Egypt and both government and private banks. Specifically, the Central Bank of Egypt reported that the US dollar was worth LE30.84 for purchase and LE30.93 for sale. Similar rates were offered by Banque Misr, National Bank of Egypt, and the multinational banking company HSBC, among others. According to these institutions, the dollar was available for purchase at LE30.75 and sold at LE30.85, inducing a sense of stability in the currency market. Other banks such as CIB, ALEXBANK, Banque du Caire, and Abu Dhabi Islamic Bank had slightly higher rates, with the dollar available for purchase at LE30.85 and for sale at LE30.95. Regardless of the minimal differences, the stability of the dollar in the Egyptian market is evident. The Central Bank of Egypt, along with other financial institutions, play a pivotal role in the stability of the foreign exchange market. The stable dollar rate is vital for the health of the Egyptian economy, helping maintain balance in the import and export sectors and drawing in foreign investment.