USD rate stable in Monday's transactions

CAIRO – 3 April 2017: The U.S. dollar exchange rate held steady against the Egyptian pound in Monday's transactions as per the dollar’s average price in the Central Bank of Egypt (CBE).

The USD recorded 18.08 EGP for buying and 18.18 EGP for selling, while the euro reached 19.26 EGP for buying and 19.38 EGP for selling and Pounds Sterling hit 22.69 EGP for buying and 22.84 EGP for selling.

As for major Arab currencies, the Saudi riyal registered 4.82 EGP for buying and 4.85 EGP for selling, the Kuwaiti dinar stood at 59.28 EGP for buying and 59.64 EGP for selling, and the UAE dirham recorded 4.92 EGP for buying and 4.95 EGP for selling.

In an attempt to revive its national economy, Egypt took a decision in November 2016 to float its currency amid other reforms that included levying a value-added tax and cutting fuel subsidies.

Shortly after the flotation, the pound lost almost 50 percent of its value against the dollar and most other currencies.