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USD hits record high of over EGP 50 at Egyptian banks

USD hits record high of over EGP 50 at Egyptian banks
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By: Muhammad Khalid

Cairo – Mubasher: The official rate of the US dollar against the Egyptian pound hit its all-time high on 6 March 2024, as the Central Bank of Egypt (CBE) reportedly gave the green light for banks to apply free market roles to the exchange rate.

The USD reached EGP 50.20 for buying and EGP 50.30 for selling at Banque Du Caire.

At the Commercial Bank International (CBE), the rate reached EGP 50.30 and EGP 50.40 for buying and selling, respectively.

The USD is bought at EGP 50 and sold at EGP 50.10 at Banque Misr, while in Alex Bank the rate hit EGP 50.30 for buying and EGP 50.40 for selling.

Earlier today, the Central Bank of Egypt’s (CBE) Monetary Policy Committee (MPC) decided in a special meeting to increase interest rates by a staggering 6%.

Since March 2022, the official USD exchange rate in Egypt skyrocketed by nearly 212.50% from around EGP 16 to more than EGP 50.

In its two meetings in 2024, the CBE raised interest rates by 8%. Thus, the total rate hike since March 2022 amounts to 19%, including an 8% increase in 2022 and a 3% increase in 2023.

The CBE’s international reserves rose by $60 million to $35.31 billion as of 29 February 2024 from $35.24 billion last January.

Egypt is finalising a deal with the International Monetary Fund (IMF) for an additional “multi-billion” loan agreement, according to a senior informed source talked with Ahram Online.