EGP Averages 49.5 Against USD at Start of Thursday’s TradingSource: www.export-egypt.com 3/7/2024, Location: Africa |
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The National Bank of Egypt (NBE) maintained the dollar's purchasing and selling price at EGP 49.5, consistent with rates.
Banque Misr recorded a purchasing rate of EGP 49.5 and a selling rate of EGP 49.6 for the dollar, compared to EGP 50 and EGP 51, respectively,. In the Commercial International Bank (CIB), the buying rate is EGP 49.5, while the selling rate is EGP 49.6, a decrease from EGP 50.3 and EGP 50.4, respectively, on Wednesday. In ALEXBANK, the dollar was priced at EGP 49.4 for buying and EGP 49.5 for selling, down from EGP 50 and EGP 50.10, respectively, As the CBE devaluated the Egyptian pound against the dollar for the fourth time since early 2022, the local currency experienced a significant drop, declining by 62 percent to approximately EGP 49.5 from its previous value of around EGP 30.9 against the US dollar. Simultaneously, the CBE raised interest rates by six percent. These measures, meant to curb inflation, were followed by the issuance of new certificates of deposits (CDs) by the NBE and Banque Misr, offering an annual yield of up to 30 percent. The introduction of high-yield CDs aimed to absorb liquidity in the local market and mitigate the impact of soaring inflation. |
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