USD rate stable in Egypt’s major banks Monday

CAIRO – 8 May 2017: The U.S. dollar exchange rate held steady against the Egyptian pound in major banks on Monday.

During Monday's transactions, the dollar recorded its highest buying and selling prices in Abu Dhabi Islamic Bank, registering 18.07 EGP for buying and 18.17 EGP for selling, while the lowest prices were reported in the National Bank of Egypt (NBE) and Banque Misr with 17.95 EGP for buying and 18.05 EGP for selling.

In the Central Bank of Egypt (CBE), the dollar recorded 18.03 EGP for buying and 18.13 EGP for selling.

In the Commercial International Bank (CIB), the dollar reached 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 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.