The value of the pound would decline by 16% against the dollar, reaching its greatest levels ever in the first movement of the dollar price following the Central Bank of Egypt’s confirmation of its determination in accordance with supply and demand market procedures.
The central bank raised interest rates today 200 basis points on deposit and lending, and stressed the adoption of the policy of the flexible exchange rate of the pound against foreign currencies, which was reflected on the decline in the value of the pound to 22. 85 pounds for purchase and 22. 99 pounds for sale, from 19. 65 pounds for purchase and 19. 67 pounds For sale.
The National Bank adjusted the exchange rate between the dollar and the pound to 22.85 pounds for purchases and 22.
9 pounds were available for purchase and 23 pounds were available for sale, but the price of the dollar in Banque Misr rose to 22 pounds.
On the level of private sector banks, the price of the dollar exceeded its prices in the central bank, where the Commercial International Bank recorded 22. 9 pounds for purchase and 23 pounds for sale, and recorded at the Suez Canal Bank 23. 1 pounds for purchase and 23. 2 pounds for sale, as it rose in Abu Dhabi Islamic Bank to 23. 1 EGP to buy and 23. 2 pounds for sale..
The official price of the dollar is 22.99 pounds, according to the central bank.
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