EGP exchange rate against USD remains stable

Mohamed Samir
1 Min Read

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.

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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/
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