Egyptian pound exchange rate declines by 0.33% to record 50.97 against US dollar

In November, Prime Minister Mostafa Madbouly noted that with Egypt adopting a flexible exchange rate in March, the dollar value has fluctuated by four to five percent, ranging between EGP 47/$1 and EGP 49/$1.

He also mentioned that similar fluctuations are expected in the coming months, depending on the demand for the dollar.

According to Abu Dhabi Islamic Bank, the US dollar recorded its highest level during Tuesday’s trading session, reaching EGP 51.22 for selling and EGP 51.13 for buying.

Meanwhile, at the Egyptian Arab Land Bank, the US dollar recorded EGP 51.21 for selling and EGP 50.11/$1 for buying.

Qatar National Bank (QNB) and Crédit Agricole reported rates of EGP 50.86/$1 for buying and EGP 50.96/$1 for selling.

Commercial International Bank (CIB) reported rates of EGP 50.84/$1 for buying and EGP 50.94/$1 for selling.

The National Bank of Egypt (NBE), Banque Misr, and Alex Bank also reported rates of EGP 50.85/$1 for buying and EGP 50.95/$1 for selling.

Euro
 

According to the CBE, the euro also declined by 0.33 percent on Tuesday to EGP 53/euro for selling, compared to EGP 53.18/euro on Monday.

Meanwhile, it reached EGP 52.85/euro for buying, compared to EGP 53.03/euro on Monday.

QNB reported the highest euro exchange rates, with EGP 53.04 /euro for selling and EGP 52.83/euro for buying.

CIB reported EGP 53.03/euro for selling and EGP 52.81/euro for buying.

NBE and Banque Misr reported similar rates of EGP 52.82/euro for buying and EGP 53.03/euro for selling.