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ADIB seen highest for EGP/USD; NBE lowest Sunday

ADIB seen highest for EGP/USD; NBE lowest Sunday
ADIB seen highest for EGP/USD; NBE lowest Sunday

Cairo – Mubasher: The Egyptian Pound saw a mixed performance on Sunday against foreign currencies.

Abu Dhabi Islamic Bank Egypt (ADIB) offered the highest US dollar rate at EGP 17.88 for buying and EGP 17.96 for selling.

On the other hand, the National Bank of Egypt (NBE) and the Agricultural Bank of Egypt (ABG) registered the lowest rate of EGP 17.78 for buying and EGP 17.88 for selling.

Meanwhile, the euro averaged between EGP 20.35 and EGP 20.77 for purchasing, and between EGP 20.56 and EGP 20.92 for selling across Egyptian banks.

Banque du Caire recorded the highest rate for buying and selling the British pound (GBP) at EGP 23.4 and EGP 23.61, respectively, while NBE registered the lowest rate at EGP 22.98 for purchasing and EGP 23.32 for selling.

Egypt is targeting a USD rate of EGP 17.25 in fiscal year 2018/2019, versus EGP 16 in FY17/18.

The North African nation aims to issue dollar-denominated bonds at a value of $6 billion and $7 billion in the current fiscal year.