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Egypt Independent
The US dollar exchange rate to the Egyptian pound increased by 15.9%, reaching £E18.22 on Monday.
The US dollar rate opened Monday morning’s trading at £E17.5, compared to £E15.74 on Sunday’s trading. It recorded an increase of 175 piasters equal to 11.2%.
Amidst Monday’s trading, the USD exchange rate rose by two piasters, marking £E17.77. It continued rising against the Egyptian pound until it reached £E18.22.
Central Bank of Egypt’s monetary committee decided to raise the overnight deposit and lending rates.
The Central Bank of Egypt’s main operation rate was raised by 100, where the bank aims to reach 9.25%, 10.25% and 9.75%. The credit and discount rate was also raised by 100 basis points to 9.75%.
The National Bank of Egypt maintained purchase and sale at £E18.15. Banque Misr purchase rate was £E18.15 and £E18.25 for sale. However, the Commercial International Bank and Suez Canal Bank traded the dollar at £E18.17 for purchase, and £E18.27 for sale.
