Cairo – Mubasher: The EGP exchange rate grew from 4 to 7 piasters against the US dollar on Thursday.

The EGP rate increased by 6 piasters against the USD in both the National Bank of Egypt (NBE) and the Commercial International Bank (CIB), recording EGP 17.49 for purchasing and EGP 17.59 for selling.

Moreover, the EGP rose around 4 piasters against the USD in Credit Agricole, registering EGP 17.53 for purchasing and EGP 17.63 for selling.

The EGP went up 7 piasters against the USD in Audi Bank, reaching EGP 17.50 for purchasing and EGP 17.60 for selling.

Meanwhile, the EGP rate stabilised against the USD in Abu Dhabi Islamic Bank – Egypt (ADIB), standing at EGP 17.58 for buying and EGP 17.67 for selling.

The Central Bank of Egypt (CBE) is expected to take its decision regarding the interest rates on Thursday.  

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.