Dollar exchange rate rises against Egyptian pound, exceeding LE 26

CAIRO - 4 January 2022: The exchange rates of the dollar rose against the Egyptian pound, Wednesday, in Egyptian banks, after two government banks, Banque Misr and the National Bank of Egypt (NBE), announced the launch of one-year saving certificates.

 

The two banks issued saving certificates with an annual return of 25 percent for a period of one year, in light of the high inflation rates.

 

The return of the certificate is paid at 25 percent interest at the end of the term, or at a monthly rate of 22.5 percent.

 

The exchange rate of the dollar witnessed a significant movement against the Egyptian pound, as it rose by more than 130 piasters, buying and selling in Egyptian banks.

 

In the two largest banks in terms of assets and transactions, the National Bank of Egypt and Banque Misr, the exchange rate recorded LE 25.9 for purchase, and LE 25.95 for sale.

 

At the level of private banks, the dollar exchange rate in the Commercial International Bank (CIB) recorded LE 25.6 for purchase, and LE 25.7 for sale.

 

On Dec. 22, 2022, the Monetary Policy Committee (MPC) of the Central Bank of Egypt (CBE) decided to raise the rates of the overnight deposit and lending return and the price of the main operation of the Central Bank by 300 basis points, to reach 16.25 percent, 17.25 percent and 16.75 percent, respectively. The credit and discount rate was raised by 300 basis points to 16.75 percent.