CBE stabilises US dollar exchange rate, further confuses market

CBE) stabilised the US dollar exchange rate against the Egyptian pound at EGP 8.78 in its tender on Tuesday.

The market is still waiting for any hint from the CBE to predict whether it will devalue the pound again or not.

The banks will sell US dollars to their customers at EGP 8.88.

Through the tender, the CBE sold about $116m to banks operating in the local market.

According to an official in a private bank, the CBE directed banks to allocate the foreign currency for food imports, mainly fish, poultry, and baby formula.

Daily News Egypt has learned that a number of banks did not get any US dollars from the tender since they did not have any requests related to importing commodities. Other banks received very limited amounts of the foreign currency.

The CBE had asked the banks to present a report about their foreign currency requests, especially those related to the import of iron, meat, and medication.