USD rate steady in major Egyptian banks Monday

CAIRO – 24 April 2017: The U.S. dollar exchange rate stabilized against the Egyptian pound in Egypt’s major banks on Monday.

During Monday’s transactions, the dollar recorded its highest buying and selling prices in Abu Dhabi Islamic Bank, registering EGP18.07 for buying and EGP18.17 for selling, while the lowest prices were reported in the National Bank of Egypt (NBE) and Banque Misr with EGP17.95 for buying and EGP18.05 for selling.

In the Central Bank of Egypt (CBE), the dollar recorded EGP18.04 for buying and EGP18.14 for selling. In the Commercial International Bank (CIB), the dollar reached EGP18.05 for buying and EGP18.15 for selling.

To revive an economy hit by political turmoil and a foreign currency shortage, Egypt launched an ambitious reform program in November. The authorities applied a set of painful reforms including floating the local currency, introducing a value-added tax and slashing energy subsidies.

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