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USD stable against EGP Tuesday

USD stable against EGP Tuesday
The USD rate settled at EGP 17.46 for buying and EGP 17.56 for selling at Egypt’s two largest state-owned lenders

Cairo – Mubasher: The US dollar exchange rate remained stable against the Egyptian pound at some Egyptian state-run banks on Tuesday.

The USD rate settled at EGP 17.46 for buying and EGP 17.56 for selling at Egypt’s two largest state-owned lenders, namely the National Bank of Egypt (NBE) and Banque Misr.

The USD rate has remained stable against the EGP in the Commercial International Bank (CIB) at EGP 17.47 for purchasing and EGP 17.57 for selling.

The USD rate was also stable in both Abu Dhabi Islamic Bank – Egypt (ADIB) and Bank Audi at EGP 17.49 for purchasing and EGP 17.59 for selling.

In Credit Agricole Egypt, the USD/EGP rate was also stable at EGP 17.48 for buying and EGP 17.58 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 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.