US Dollar Price Stabilizes in Egypt on TuesdaySource: www.export-egypt.com 2/14/2023, Location: Africa |
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The price of the US dollar stabilized, November 14, in Egypt.
The price of the US dollar in Egyptian banks was as follows: United Bank LE30.5 for purchase LE30.6 for sale ALEXBANK LE30.45 for purchase LE30.55 for sale National Bank of Egypt LE30.4 for purchase LE 30.5 for sale Banque Misr LE30.4 for purchase LE30.5 for sale Housing and Development Bank LE30.50 for purchase LE30.60 for sale Commercial International Bank LE30.5 for purchase LE30.6 for sale The CBE has issued a statement, on Thursday, November 3, announcing reform measures to ensure macroeconomic stability and achieve sustainable and comprehensive economic growth by floating the Egyptian pound. Egypt first devalued its currency by 48 percent in 2016, allowing it to float freely in order to meet a key demand by the International Monetary Fund to secure a three-year US$12 billion loan. The CBE announced the devaluation of the Egyptian pound for the second time in March by nearly 17 percent. The CBE, on Saturday October 1, raised the required reserve ratio in banks from 14 percent to 18 percent. The CBE confirmed in the periodic bulletin that the decision contributes to restricting the monetary policy it pursues. The Monetary Policy Committee of the Central Bank of Egypt, corresponding to February 2, fixed deposit rate, overnight lending rate, and the rate of the main operation at 16.25 percent, 17.25 percent, and 16.75 percent, respectively and the credit and discount rates were kept at 16.75 percent. The Monetary Policy Committee maintained, during its previous meeting in September 2022, deposit rate, overnight lending rate, and the rate of the main operation of the Central Bank at 11.25 percent, 21.25 percent, and 11.75 percent, respectively. The current basic interest rates, along with an increase in the percentage of cash reserves that banks are committed to keeping with the Central Bank of Egypt, are consistent with achieving the goal of price stability in the medium term, the CBE said at the time. |
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