The average price of the USD in banks increased by another 28 piasters by the end of the trading session on Tuesday, bringing the total decline in the value of the Egyptian Pound since Monday to about EGP 2.78.
The average price of a USD in banks, according to the Central Bank of Egypt (CBE), reached EGP 18.4508 for buying and EGP 18.5483 for selling on Tuesday, compared to Monday’s EGP 18.1708 and EGP 18.2683.
The official price of the USD at the Central Bank also rose to EGP 18.4357 for buying and EGP 18.5684 for selling, compared to Monday’s EGP 18.1519 and EGP 18.2884.
The Euro also rose significantly to record EGP 20.20 for buying and EGP 20.42 for selling at the National Bank of Egypt (NBE) and Banque Misr, and EGP 20.22 and EGP 20.45 at the Commercial International Bank (CIB).
Furthermore, The British Pound recorded a similar rise, reaching EGP 24.18 in the National Bank and Banque Misr for buying and EGP 24.44 for selling, and EGP 24.20 and EGP 24.43 at the CIB.
As for Arab currencies, the Saudi Riyal rose to EGP 4.92 and EGP 4.93, the Kuwaiti Dinar to EGP 58.32 and EGP 60.95, and the UAE Dirham to EGP 5.02 and EGP 5.04.
Tarek Amer — the Governor of the CBE — confirmed in a cabinet conference yesterday that the decisions taken by the bank to raise interest rates and reduce the value of the Egyptian Pound had two main goals, namely preserving Egypt’s financial capabilities as well as maintaining foreign exchange liquidity in order to secure the needs of Egyptian society in light of these difficult international conditions, pointing out that the CBE’s first priority is to provide liquidity and — from the point of view of monetary policy — it had to be consistent with international requirements, international markets, and international partners, who we need to finance a large part of our needs.
Amer pointed out that the movement in exchange rates was a process of correction, as the exchange rate in Egypt is liberalised, and thus reflects the monetary and economic conditions of the world and in Egypt.
He stressed that the measures being taken aim to maintain the confidence of foreign investors and international financial markets in Egypt, in addition to preserving the country’s foreign exchange resources through the continuation of remittances from Egyptians residing abroad.