Sunday marks the first day of the Egyptian pound’s complete flotation in the top five banks operating in the market, following the Central Bank of Egypt’s (CBE) decision to liberalise the exchange rate on Thursday.
The National Bank of Egypt (NBE) and Banque Misr determined the US dollar exchange rate at EGP 15.5 for purchase and EGP 15.75 for sale, while Banque du Caire purchased the dollar at EGP 15.75 and sold it at EGP 15.25.
The Commercial International Bank (CIB) set the dollar exchange rate at EGP 15.51 for purchase and EGP 15.75 for sale, while it registered EGP 15.53 for purchase and EGP 15.90 for sale at the Arab African International Bank (AAIB).
The AAIB warned customers against circulated false information on social media related to the price of the US dollar in the bank, in which a false AAIB logo is used.
The bank announced in a statement issued on Sunday morning that social media networks circulated some photos recently of a display screen at one of the bank’s branches depicting misleading information about the sale and purchase of foreign currency prices.
| BANK | Buy | Sell
|
| National Bank of Egypt | 15.5 | 15.75 |
| Banque Misr | 15.5 | 15.75 |
| Banque du Caire | 15.25 | 15.75 |
| CIB | 15.51 | 15.75 |
| AAIB | 15.53 | 15.90 |
