Dollar
The highest dollar rate on Wednesday reached LE 50.75 for buying and LE 50.85 for selling at Credit Agricole Egypt, MIDBANK, Abu Dhabi Islamic Bank Egypt, Abu Dhabi Commercial Bank Egypt, and Emirates NBD Egypt.
This intervention prevents currency traders from manipulating the dollar's price again. Monetary tightening is considered a crucial economic measure to bring about a form of equilibrium in the exchange rate.
The choice of currency in evaluating the shares to be sold is considered an obstacle in Egypt's attempt to secure foreign currencies to support the economy, which was harmed by the Russian invasion of Ukraine.
At the National Bank of Egypt (NBE) and Banque Misr, the dollar rate registered LE 29.90 for buying and LE 30.00 for selling.
Brazil’s President Luiz Inacio and Argentina’s President Alberto Fernández wrote in an Argentinian paper –Perfil- on Sunday Jan 22, 2023 that they wanted more integration between the two neighboring countries.
This confirms the ability of the banking sector to cover pending currency requests for importers as soon as possible.
The US dollar price started with a surge recording LE 32, and then decreased to LE 29.67 on Wednesday.
The euro price slightly went up 14 to 15 piasters, registering EGP 29.37 for buying and EGP 29.49 for selling at Banque Misr and the NBE.
In the two largest banks in terms of assets and transactions, the National Bank of Egypt and Banque Misr, the exchange rate recorded LE 25.9 for purchase, and LE 25.95 for sale.
It stated in a recent report that Egypt has recently adopted a flexible exchange rate policy, describing it as the most appropriate one in the case of open economies that adopt an independent monetary policy.
Madbouli elaborated that the government is aware that there is a rise in prices.
According to the Central Bank of Egypt (CBE), the average dollar rate at the Egyptian market registered EGP 24.44 for buying and EGP 24.51 for selling.
He noted during Egypt’s Economic Conference that the CBE enjoys complete independence, and at the same time there is coordination with the government and the private sector as well.
At the National Bank of Egypt (NBE) and Banque Misr, the dollar rate registered EGP 19.63 for buying and EGP 19.69 for selling.
At the Commercial International Bank (CIB), the dollar rate recorded EGP 19.65 for buying and EGP 19.71 for selling.
At the National Bank of Egypt (NBE) and Banque Misr, the dollar rate registered EGP 19.51 for buying and EGP 19.57 for selling.
The US dollar rate increased by 5 piasters for buying and selling.
The economics company also anticipated a 16 percent decrease by the end of 2024 to record 25 per dollar.
At the National Bank of Egypt (NBE) and Banque Misr, the dollar rate remained stable, recording EGP 18.85 for buying and EGP 18.91 for selling.
The price of the customs dollar is the price that the Ministry of Finance used to set for the dollar against the pound on a monthly basis.
