USD slips against EGP at Egyptian national banks

USD slips against EGP at Egyptian national banks
USD slips against EGP at Egyptian banks

Cairo – Mubasher: The US dollar exchange rate fell against the Egyptian pound at some national Egyptian banks on Sunday.

The USD rate dropped to EGP 17.47 for buying and EGP 17.57 for selling at Egypt’s two largest state-run banks, namely the National Bank of Egypt (NBE) and Banque Misr.

The USD rate also fell at Abu Dhabi Islamic Bank – Egypt (ADIB) by EGP 0.1 to EGP 17.51 for purchasing and EGP 17.61 for selling. In Audi Bank, the USD/EGP rate went up by EGP 0.1 to EGP 17.51 for buying and EGP 17.61 for selling.

The USD rate has remained stable against the EGP in both the Commercial International Bank (CIB) and Credit Agricole Egypt, registering EGP 17.49 for purchasing and EGP 17.59 for selling.

Earlier in February, the EGP witnessed seen a sudden jump against the greenback, 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 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.