Slight shift as dollar reaches EGP 47.8 in major banks on Wednesday

At the National Bank of Egypt (NBE), Banque Misr, and the Commercial International Bank (CIB), the dollar rate registered EGP 47.85 for buying and EGP 47.95 for selling. 
 
At the Central Bank of Egypt (CBE), the average dollar rate registered EGP 47.85 for buying and EGP 47.95 for selling. 

In an unscheduled meeting in early March, the CBE hiked the key interest rates by an unprecedented six percent (600 bps) and floated the local currency, allowing it to be determined by market forces. 

As a result, the US dollar rate significantly jumped on 6 March by over 60 percent to EGP 49.5/1 USD, according to the CBE announced rates. 

Meanwhile, the euro price on Wednesday registered EGP 51.12 for buying and EGP 51.37 for selling at the NBE and Banque Misr. 
 
At the CIB, the euro price recorded EGP 51.10 for buying and EGP 51.34 for selling. 
 
The pound sterling at the NBE and Banque Misr registered EGP 59.46 for buying and EGP 59.76 for selling.