Dollar steady in Egypt’s major banks Thursday

CAIRO – 4 May 2017: The U.S. dollar exchange rate stabilized against the Egyptian pound in major banks on Thursday.

In the Central Bank of Egypt (CBE), the dollar recorded 18.03 EGP for buying and 18.136 EGP for selling.

Dollar prices in the biggest two public banks, National Bank of Egypt (NBE) and Banque Misr, were unchanged from Wednesday’s rates: at 17.95 EGP for buying and 18.05 EGP for selling.

In the Commercial International Bank (CIB), the largest private bank, the dollar recorded 18.05 EGP for buying and 18.15 EGP for selling, unchanged from Wednesday’s rates.

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.