Dollar stable in Egypt’s major banks Tuesday

CAIRO – 2 May 2017: The U.S. dollar exchange rate held steady against the Egyptian pound in major banks on Tuesday.

In the Central Bank of Egypt (CBE), the dollar recorded 18.01 EGP for buying and 18.14 EGP for selling.

Dollar prices in the biggest two public banks, National Bank of Egypt (NBE) and Banque Misr, registered the same rates on Tuesday as Monday, at 17.95 EGP for buying and 18.05 EGP for selling.

In the Commercial International Bank (CIB), the dollar also recorded the same rates on Tuesday as Monday, at 18.05 EGP for buying and 18.15 EGP for selling.

The government took a decision in November to float the local currency in a move aimed at reviving an economy badly hit by political instability and a foreign currency shortage.

The Egyptian pound’s flotation was part of an economic reform program that also included levying a value-added tax and slashing energy subsidies.

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