The Egyptian pound reached its highest level in 10 weeks, rising by nearly three piasters against the dollar on Thursday, bringing the dollar to 15.88 pounds. This is the highest level of the pound against the US currency since last June 1.
The dollar dealings concluded last week at an average of 15.88 pounds to buy compared to 15.98 pounds for sale, while the price at the Central Bank of Egypt stabilized today at 15.86 pounds for purchase and 15.99 pounds for sale, which is the same price on Thursday.
On Thursday, the Central Bank of Egypt fixed key interest rates unchanged for the fifth month in a row, despite inflation falling to its lowest level in 8 months in July and the slowdown in economic growth due to the Coronavirus pandemic.
The central bank’s decision aims to maintain the flow of foreign investment to the country after a large part of it emerged as part of a global selling wave between March and May.
Foreign investments returned to the Egyptian market during last June after the government obtained funding from the International Monetary Fund, and their investments in Egyptian treasury bills reached about $ 14 billion by the end of last July from 10.6 billion in the previous June, according to Bloomberg. The Egyptian interest rate is the highest among the 50 other major economies covered by Bloomberg.
The price of the dollar today recorded 4 different levels in Egyptian banks, and the difference between the highest price and the lowest price was 5 piasters.
The price of 15.89 pounds to buy and 15.99 pounds to sell the dollar dominated 10 banks, which is roughly the average price of the green currency in the Egyptian market.
Lowest dollar rate
The lowest price of the dollar in the Commercial International Bank – the largest of the private sector banks – came at the level of 15.87 pounds for purchase and 15.97 pounds for sale, which is the same price at banks: the Arab International Bank and the National Bank of Kuwait (Piraeus).
The largest government banks
The dollar was recorded on the trading screens of the National Bank of Egypt – the largest government bank – during early transactions today, 15.88 pounds for purchase and 15.98 pounds for sale, which is the same price in banks: Egypt, Alexandria, Odeh, The United Bank, Industrial Development, Greek National, Kuwait National , And Al-Masry Export Development.
In Abu Dhabi Islamic Bank, the price of the dollar reached 15.89 pounds for purchase and 15.99 pounds for sale, which is the same price in banks: Egypt, Iran, Al-Baraka, Arab African, Construction and Housing, Suez Canal, Al-Mashreq, Al-Ahli Kuwaiti, Egyptian Gulf, and Credit Agricole.
The highest dollar rate
The highest exchange rate for the dollar came in early trading today, at the bank of the Arab International Banking Corporation “CIPE”, recording 15.93 pounds for purchase and 16.03 pounds for sale.
The price of the euro and sterling
The price of the European euro at the start of today’s trading, was 18.71 pounds for purchase and 18.94 pounds for sale, at the National Bank of Egypt.
As for the price of the pound sterling, it was recorded today at the National Bank of 20.72 pounds for purchase and 21 pounds for sale, which is the price in Banque Misr.
The price of the riyal, dirham and dinar
The exchange rate of the Saudi riyal in the Egyptian market was stable at 4.15 pounds for purchase and 4.26 pounds for sale, on the National Bank of Egypt trading screens.
The price of the Emirati dirham at the beginning of Saturday’s trading was 4.30 pounds for purchase and 4.35 pounds for sale.
As for the Kuwaiti dinar, it was recorded at 49.49 pounds for purchase and 52.26 pounds for sale.