CAIRO - 6 March 2024: The US dollar ended Wednesday at a level of LE 49.4743 for buying and LE 49.5743 for selling, compared to LE 30.8141 for buying and LE 30.9386 for selling before the adjustment of the US currency, according to the prices announced by the Central Bank of Egypt (CBE), reflecting the market average currency prices throughout the day.
The official dollar rate at the Central Bank also concluded Wednesday’s transactions at LE 49.4320 for buying and LE 49.5686 for selling.
The highest dollar rate on Wednesday reached LE 50.75 for buying and LE 50.85 for selling at Credit Agricole Egypt, MIDBANK, Abu Dhabi Islamic Bank Egypt, Abu Dhabi Commercial Bank Egypt, and Emirates NBD Egypt.
The surge in the dollar rate on Wednesday led to similar jumps in the prices of other major currencies traded in the local market. The euro jumped to LE 53.7835 for buying and LE 53.9120 for selling, while the pound sterling reached LE 62.9164 for buying and LE 63.0783 for selling.
The Saudi riyal also rose to LE 13.1910 for buying and LE 13.2184 for selling, and the Kuwaiti dinar recorded LE 160.7926 for buying and LE 161.17 for selling. Meanwhile, the price of the UAE dirham reached LE 13.4697 for buying and LE 13.4980 for selling.
In a significant development, Egypt devalued its currency on Wednesday, resulting in the Egyptian pound's value decreasing to over 50 per dollar by midday, in contrast to the maintained rate of approximately 30.9 over the past year.
The CBE also raised interest rates by 600 basis points (6 percent), reaching 27.25 percent.
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