Surprise in Dollar Exchange Rate Ahead of CBE Meeting
The U.S. dollar stabilized against the Egyptian pound on Thursday, trading at EGP 48.55 for buying and EGP 48.65 for selling across most local banks, just hours before the Central Bank of Egypt (CBE) convenes to decide on interest rates.
The greenback edged down by around five piasters compared to Wednesday’s closing rate, marking its first decline after three consecutive days of gains.
According to the latest update from the CBE, the official exchange rate stood at EGP 48.57 for buying and EGP 48.71 for selling.
Dollar Exchange Rates Across Major Banks:
National Bank of Egypt (NBE): EGP 48.55 (buying), EGP 48.65 (selling)
Commercial International Bank (CIB): EGP 48.55 (buying), EGP 48.65 (selling)
Banque Misr: EGP 48.55 (buying), EGP 48.65 (selling)
Bank of Alexandria: EGP 48.55 (buying), EGP 48.65 (selling)
Suez Canal Bank: EGP 48.58 (buying), EGP 48.68 (selling)
The CBE’s Monetary Policy Committee is scheduled to meet Thursday evening to determine the future of interest rates amid ongoing pressures on Egypt’s foreign exchange market.