Following the Central Bank of Egypt’s decision to hike interest rates by 2% at its meeting yesterday, the dollar exchange rate today, Friday, October 28, 2022, saw a value of 4 pounds. Today, it reached its final update price of 22.85 pounds for purchase and 22.96 pounds for selling.
Yesterday’s extraordinary meeting of the Monetary Policy Committee of the Central Bank of Egypt resulted in the decision to raise interest rates by 200 points (2%), as well as the follow-up of a flexible exchange rate that caused the dollar to increase from a level below 20 pounds to 23.20 pounds, which has an impact on experts. On the prices of all imported goods and services, or in products that contain foreign parts.
The average price of buying and selling dollars on Friday in Egyptian banks is displayed in the following table:
The American Federal Reserve and other central banks, which are making an effort to control the exchange rate after the dollar increased significantly following their decision to raise interest rates and foreign currencies experienced a significant increase following the Egyptian Central Bank’s decision to raise interest rates by 2%, have had an impact on the prices of Arab and foreign currencies in the recent period, fluctuating between decline and rise.
The following are today’s average exchange rates for the Egyptian market as reported by the Al-Fajr electronic platform for readers and followers:
Following an increase in interest rates, the value of the dollar in Egyptian banks today, Friday, October 28, 2022
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