Egyptian pound almost steady against U.S. dollar Thursday

CAIRO – 20 April, 2017: Egyptian pound almost remained steady Thursday against U.S. dollar at both public and commercial banks.

The average rate at the Central Bank of Egypt (CBE) recorded EGP18.03 per dollar for buying, compared to EGP18.3 yesterday, while the dollar was sold at EGP18.15, compared to EGP18.13.

The largest two public banks; National Bank of Egypt and Banque Misr, traded the dollar at EGP17.95 and EGP18.05, for buying and selling respectively.

Commercial International Bank, the largest commercial private bank in Egypt, bought the dollar at EGP18.01 Thursday, slightly down from EGP18.05 yesterday. Meanwhile, the dollar was sold at EGP18.20, up from EGP18.15 Wednesday.

The CBE floated the local currency in November 2016 within an ambitious comprehensive economic reform program to restore macroeconomic stability.

Egypt’s local banks received a total of $19.7 billion since the flotation, and total foreign reserves surged to $28.5 billion in March.