The Central Bank of Egypt (CBE) granted the liberty to banks operating in Egypt to set their own exchange prices for the US dollar starting from Sunday, each according to their circumstances without indicating any guide price.
This comes after the CBE fully floated the exchange rate on Thursday morning.
A guide rate of EGP 13 for $1 was declared by the CBE and allowed banks freedom to buy and sell the greenback with a profit margin of 10% up and down the price.
A senior banker told Daily News Egypt that the CBE told bank heads and exchange market officials in an urgent meeting that the guide price will be only set for Thursday and will be removed starting Sunday.
