The Egyptian pound continued to stabilise against the US dollar on Thursday, at its lowest level in two months, settling below EGP 16 for the first time since 8 December 2016.
During the last month the Egyptian pound regained some of it’s value against the dollar, after losing more than 50% of its value following the Central Bank of Egypt’s (CBE) decision to free float the currency in Novemeber.
The price of the US dollar at the CBE reached EGP 15.7512 for buying and EGP 15.8518 for selling on Thursday, slightly down from EGP 15.7382 for buying and EGP 15.8394 for selling on Wednesday.
Its value at the five largest banks in Egypt—the National Bank of Egypt, Qatar National Bank, Banque Misr, CIB, and the Arab African International Bank—remained between EGP 15.7 and EGP 15.8 for buying and EGP 15.8 and EGP 15.9 for selling.
