US Dollar rate against EGP hits its highest level in almost four months

According to the official website of the Central Bank of Egypt (CBE), the dollar reached on Wednesday its highest level in four months against the Egyptian pound, recording EGP 48.52/1 USD for buying and EGP 48.62/1 USD for selling, compared to EGP 48.49 for buying and EGP 48.59/1 USD for selling.

On March 6, the CBE decided to float the Egyptian Pound for the fourth time since early 2022. This caused the US dollar exchange rate to rise to EGP 50.1, compared to EGP 30.9 the day before.

The best rate to sell US dollars was recorded at EGP 48.620/ 1 USD in Abu Dhabi Islamic Bank.

The best rate to buy US dollars was recorded at EGP 48.370/ 1 USD in Qatar National Bank (QNB).

Similarly, Egyptian banks posted their exchange rates on their official websites as follows:

For the National Bank of Egypt (NBE), the rate was EGP 48.51/ 1 USD for buying and EGP 48.61/ 1 USD for selling.

For Banque Misr, the rate was EGP 48.51/ 1 USD for buying and EGP 48.61/ 1 USD for selling.

For the Commercial International Bank (CIB), the rate was EGP 48.51/ 1 USD for buying and EGP 48.61/ 1 USD for selling.

For Banque Du Caire, the rate was EGP 48.51/ 1 USD for buying and EGP 48.61/ 1 USD for selling.

Egypt is currently engaging in a $8 billion loan deal with the International Monetary Fund (IMF).

Under the deal, Egypt is committed to adopting a flexible regime for exchange and interest rates as key measures to put the country’s economy on a corrective path.