US dollar exchange rate against Egyptian pound continues to rise at banks, CBE on Thursday

Last updated: November 24, 2016 8:16 pm

1 Min Read

by asmaa gamal

The average price of the US dollar according to the Central Bank of Egypt’s (CBE) exchange rates on Thursday increased slightly, registering EGP 17.3766 for buying, up from EGP 17.3053 on Wednesday. The selling price went up to EGP 17.8134 from EGP 17.7807.

In banks, the price of dollars varied on Thursday, ranging between EGP 17.30-17.4 for buying and EGP 17.7-17.9 for selling.

CBE governor Tarek Amer announced earlier this week that the total amount of US dollars that have been collected by banks since the CBE’s decision to float the pound on 3 November has reached $3bn.

Prior to the CBE’s decision to float the currency, the price of the dollar was set at EGP 8.83. The move was made to eliminate the unofficial market and attract foreign direct investments.

TAGGED:Central Bank of Egypt egyptian pound US dollar

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By Mohamed Samir

Mohamed Samir Khedr is an economic and political journalist, analyst, and editor specializing in geopolitical conflicts in the Middle East, Africa, and the Eastern Mediterranean. For the past decade, he has covered Egypt's and the MENA region's financial, business, and geopolitical updates. Currently, he is the Executive Editor of the Daily News Egypt, where he leads a team of journalists in producing high-quality, in-depth reporting and analysis on the region's most pressing issues. His work has been featured in leading international publications. Samir is a highly respected expert on the Middle East and Africa, and his insights are regularly sought by policymakers, academics, and business leaders. He is a passionate advocate for independent journalism and a strong believer in the power of storytelling to inform and inspire. Twitter: https://twitter.com/Moh_S_Khedr LinkedIn: https://www.linkedin.com/in/mohamed-samir-khedr/