The average price of the euro, against the Egyptian pound, fell today, Friday, January 22, 2021, during the transactions of banks and exchange companies.
Friday and Saturday are official holidays for Egyptian banks.
According to a survey conducted by “Al Ain News” on the euro rates in 23 banks, the average price of the euro against the Egyptian pound decreased in banks to about 18.97 pounds for purchase and 19.15 pounds for sale.
While the average euro exchange rate rose on the Central Bank’s website, to about 19.04 pounds for purchase, and 19.17 pounds for sale, compared to about 18.97 pounds for purchase and 19.10 pounds for sale.
The highest price for the euro
The highest price for buying the euro against the Egyptian pound came at 19 pounds for purchase in the International Arab Bank, while the highest price for selling the euro against the Egyptian pound came at 19.21 pounds at Al Baraka Bank.
In the National Bank of Egypt (the largest government bank), the price of the euro rose to about 18.95 pounds for purchase and 19.18 pounds for sale, compared to about 18.91 pounds for purchase and 19.16 for sale.
First Abu Dhabi to acquire Bank Audi
On Wednesday, First Abu Dhabi Bank and Bank Audi announced the signing of the final agreement for the first Abu Dhabi acquisition of 100% of Bank Audi Egypt’s capital.
The acquisition agreement followed the completion of an in-depth data-checking process and the due diligence examination conducted by First Abu Dhabi Bank on Bank Audi Egypt, according to the legislation in force, after obtaining the required initial approval from the Central Bank of Egypt.
It is expected that the acquisition will be completed within the next few months, after meeting several common conditions for such a process. These include obtaining the final approvals from the bank, central banks, and the necessary regulatory and supervisory authorities, in the UAE and Egypt.
Dollar and sterling prices
The average exchange rate of the dollar on the Central Bank of Egypt website was stable at about 15.67 pounds for purchase and 15.77 pounds for sale.
While the average exchange rate of the pound sterling increased to about 21.52 pounds for purchase, 21.67 pounds for sale, compared to 21.43 pounds for purchase, and 21.58 pounds for sale.
Real, dinar and dirham rates
The average exchange rate of the Saudi riyal, with the Central Bank of Egypt, was stable at about 4.17 pounds for purchase and 4.20 pounds for sale.
The average Emirati dirham remained at 4.26 pounds for purchase and 4.29 pounds for sale.
While the average Kuwaiti dinar rose to 51.73 pounds for purchase, 52.15 pounds for sale, compared to 51.72 pounds for purchase, and about 52.13 pounds for sale.
Egyptian banks were able to double their dollar holdings outside Egypt by 100% during 2020, and jumped from $ 10 billion last April to more than $ 20 billion by the end of December 2020.
Egypt’s foreign exchange reserves rose at the end of last December, registering more than 40 billion dollars, an increase of about 850 million dollars.
According to official data, the overall Egyptian budget deficit narrowed to 3.6% of GDP in the first half of the current fiscal year 2020-2021, compared to 4.1% a year ago.