Egyptian pound against US dollar: Strongest point since March

The US dollar rate dropped by 20 piasters compared to Monday’s transactions when it closed at EGP 47/1 USD for selling and EGP 46.98/1 USD for buying.

This is the lowest trading point for the dollar against the Egyptian pound since 23 March when it recorded EGP 46.62/1 USD for selling and EGP 46.49/1 USD for buying.

That drop was echoed at the National Bank of Egypt (NBE) and Commercial International Bank (CIB) as the US dollar rate registered EGP 46.84/1 USD for buying and EGP 46.94/1USD for selling.

While in Banque Misr, the US dollar rate registered EGP 46.84/1 USD for buying and EGP 46.94/1 USD for selling.

The Egyptian pound lost two-thirds of its value on 6 March when the CBE floated the Egyptian pound to trade at 49.56 against the dollar down from 30.95 per dollar, a rate that has been maintained for over a year.