US dollar stable at EGP24.5, euro slightly hikes to EGP 25.6 on Thursday morning

Ahram Online , Thursday 24 Nov 2022

Egypt has witnessed stable exchange rates of the US dollar, EGP 24.5 on average, and a slight rise of the euro, recording EGP 25.6, on Thursday morning at major banks.

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File photo: An employee counts U.S. dollars in a foreign exchange office in central Cairo, Egypt

 

At the National Bank of Egypt (NBE) and Banque Misr, the dollar rate registered EGP 24.48 for buying and EGP 24.53 for selling, state-owned news agency MENA reported.

At the Commercial International Bank (CIB), the dollar exchange rate recorded EGP 24.52 for buying and 24.58 for selling.

The euro registered EGP 25.44 for buying and EGP 25.62 for selling at Banque Misr and the NBE after recording EGP 25.19 for buying and EGP 25.35 for selling at the same banks a day earlier.

The euro at the CIB amounted on Thursday to EGP 25.48 for buying and EGP 25.68 for selling, up from EGP 25.23 for buying and EGP 25.37 for selling on Wednesday, according to MENA.

This comes nearly a month after the Egyptian pound depreciated on 27 October by 17 percent against the US dollar, to EGP 22.9 from EGP 19.7, and 19 percent against the euro, to EGP 23.1 from EGP 19.4.

The appreciation of the US dollar and euro took place as the Central Bank of Egypt adopted a "flexible exchange-rate regime" as part of the new economic reform programme.

The pound sterling at the NBE and Banque Misr registered EGP 29.49 on Thursday for buying and EGP 29.71 for selling.

At the CIB, the pound sterling recorded EGP 29.54 for buying and EGP 29.75 for selling.

The Saudi riyal stood at EGP 6.5 for buying and EGP 6.52 for selling at the NBE.

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