7 February 2017

Egyptian Pound Slightly Appreciates Against U.S. Dollar in Major Banks

Cairo — The Egyptian pound slightly appreciated against the US dollar on Tuesday, as it was sold at between EGP 18.25 and EGP 18.5 to the dollar in some of Egypt's major banks.

Ahly Bank had the dollar sold at EGP 18.25 and bought at EGP 18.20, down 10 piasters from Monday's figures.

The selling price of the dollar also declined in Banque Misr to reach EGP 18.27, while the buying price was recorded at EGP 18.22.

The Commercial International Bank (CIB) had the dollar sold at EGP 18.35, down from EGP 18.5 on Monday, and bought at EGP 18.20. While the US dollar was sold at EGP 18.41 at the Arab African International Bank and bought at EGP 18.27.

At Banque du Caire, however, the US dollar was sold at EGP 18.5, up from EGP 18.4 on Monday, and bought at EGP 18.35.

Egypt's central bank abandoned its currency peg of EGP 8.8 to the U.S. dollar on Nov.3.

The dollar peg had drained the central bank's foreign reserves, which have been hit by reduced foreign investment following political turmoil in the past few years, forcing the bank to impose capital controls and ration dollars.

The central bank announced on Sunday that Egypt's foreign reserves rose to $26.363 billion at the end of January from $24.265 billion at the end of December.

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