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EGP edges up against USD Tuesday

EGP edges up against USD Tuesday
Egypt’s foreign currency reserves registered $44.2 billion last April

Cairo – Mubasher: The US dollar exchange rate against the Egyptian Pound slid by 1 to 2 piasters during Tuesday’s mid-trade at banks.

The USD exchange rate fell by 2 piasters to EGP 17.01 for buying and EGP 17.09 for selling at Abu Dhabi Islamic Bank (ADIB).

Additionally, the USD dropped by 1 piaster to EGP 16.96 for purchasing and EGP 17.06 for selling at Bank Audi and Commercial International Bank (CIB).

Meanwhile, the USD-EGP exchange rate remained stable at the National Bank of Egypt (NBE) and Arab African International Bank (AAIB).

The Central Bank of Egypt (CBE) ascribed the drop in the USD exchange rate to the recent foreign cash inflows as well as the rise in Egypt’s foreign-currency reserves which registered $44.2 billion at the end of last April.