The Egyptian pound appreciated by more than five piasters against the US dollar on Sunday, despite the Central Bank of Egypt’s (CBE) interest rate cut on Thursday.

The average official price of the US dollar at the Central Bank of Egypt (CBE) fell to EGP 16.2186 for buying and EGP 16.3186 for selling on Sunday, down from EGP 16.2669 for buying and EGP16.3669 for selling last Thursday.

The official price of the Central Bank of Egypt (CBE) on Sunday averaged at EGP 16.1989 for buying and EGP 16.3195 for selling, against EGP 16.2578 for buying and EGP 16.3859 for selling on Thursday.

The Egyptian pound appreciated against the US dollar by about 29 piasters since the beginning of September, and by EGP 1.65 since the beginning of 2019.