Egyptian pound climbs over EGP 51 against US dollar for 1st time since March
The Egyptian exchange rate in CBE rose by 2.15 percent, reaching EGP 51.14/$1 for selling and EGP 51/$1 for buying, compared to EGP 50.06/$1 for selling and EGP 49.93/$1 for buying on 5 December.
On 6 March, the CBE last devalued the pound, raising the dollar’s exchange rate from EGP 30.9/$1 to EGP 49.56/$1.
In November, Prime Minister Mostafa Madbouly mentioned that since Egypt switched to a flexible exchange rate in March, the dollar's value has varied by 4 to 5 percent, fluctuating between EGP 47/$1 and EGP 49/$1.
He added that similar fluctuations are anticipated in the coming months, depending on the demand for the dollar.
On Monday, Qatar National Bank (QNB) reported the highest exchange rates in the banking system, with the dollar buying at EGP 51.13/$1 and selling at EGP 51.03/$1.
Abu Dhabi Islamic Bank (ADIB) reported rates of EGP 51.03/$1 for buying and EGP 51.12/$1 for selling.
Meanwhile, Commercial International Bank (CIB) reported rates of EGP 51.02/$1 for buying and EGP 51.12/$1 for selling.
The National Bank of Egypt (NBE) and Banque Misr also reported rates of EGP 51.01/$1 for buying and EGP 51.11/$1 for selling.
Euro
According to the CBE, the euro also increased by 0.80 percent on Thursday to EGP 53.18/euro for selling, compared to EGP 52.76/euro on 5 December.
It reached EGP 53.03/euro for buying, compared to EGP 52.61/euro on 5 December.
QNB reported the highest euro exchange rates, with EGP 53.41/euro for selling and EGP 53.01/euro for buying.
CIB reported EGP 53.41/euro for selling and EGP 52.99/euro for buying.
ADIB reported EGP 53.01/euro for buying and EGP 53.39/euro for selling.
Saudi riyal
The Saudi riyal (SAR) also appreciated, rising by 2.25 percent, to record EGP 13.57/1 SAR for buying and EGP 13.62/1 SAR for selling, compared to EGP 13.28/1 SAR for buying and EGP 13.32/1 SAR for selling on 5 December, according to CBE.
CIB reported the highest exchange rates for the SAR, with EGP 13.61/ 1 SAR for selling and EGP 31.58 /1 SAR for buying.
Meanwhile, ADIB and QNB reported EGP 13.61/1 SAR for selling and EGP 13.57/1 SAR for buying.
UAE dirham
The UAE dirham (AED) also appreciated, rising by 2.13 percent, to record EGP 13.92/1 AED for selling and EGP 13.88/1 AED for buying, compared to EGP 13.63/1 AED for selling and EGP 13.59/1 AED for buying on 5 December, according to CBE.
QNB reported the highest exchange rates for the dirham, with EGP 13.92/1 AED for selling and EGP 13.89/1 AED for buying.
ADIB reported EGP 13.91/1 AED for selling and EGP 13.89/1 AED for buying.
Kuwaiti dinar
The Kuwaiti dinar (KWD) also appreciated, rising by 1.88 percent, to record EGP 165.99/1 KWD for selling and EGP 165.49/1 KWD for buying, compared to EGP 162.92/1 KWD for selling and EGP 162.43/1 KWD for buying on 5 December, according to CBE.
QNB reported the highest exchange rates for the Kuwaiti dinar, with EGP 166.06/1 KWD for selling and EGP 165.60/1 KWD for buying.
CIB reported EGP 166.04/1 KWD for selling and EGP 163.26/1 KWD for buying, and ADIB reported EGP 166.02/1 KWD for selling and EGP 162/1 KWD for buying.