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EGP stabilises against USD Tuesday

EGP stabilises against USD Tuesday
The USD rate remained stable at EGP 17.55 for buying and EGP 17.65 for selling at Egypt’s two largest state-run banks

Cairo – Mubasher: The Egyptian pound exchange rate remained stable against the US dollar at state-run banks on Tuesday, while it slashed by 2 piasters at Commercial International Bank (CIB).

The USD rate remained stable at EGP 17.55 for buying and EGP 17.65 for selling at Egypt’s two largest state-run banks, namely National Bank of Egypt (NBE) and Banque Misr.

The EGP has been also stable against the USD at both of Credit Agricole and Audi Bank at EGP 17.57 for purchasing and EGP 17.67 for selling.

Meanwhile, the EGP edged up by 1 piaster in Abu Dhabi Islamic Bank – Egypt (ADIB), recording EGP 17.58 for buying and EGP 17.67 for selling against the USD.

On the other hand, the EGP slipped by 2 piasters at the CIB, as the USD registered EGP 17.55 for purchasing and EGP 17.65 for selling.

The EGP had seen a sudden jump against the greenback two weeks ago, exceeding 30 piasters, the first remarkable rise at Egyptian banks since May 2018.

The Central Bank of Egypt’s (CBE) governor Tarek Amer previously told Bloomberg News that the USD/EGP exchange rate would see further volatility over the coming days, following the shutdown of the system allowing foreign investors to repatriate dollars.