According to the latest update issued by the Central Bank of Egypt, the dollar reached EGP 50.47 for purchase and EGP 50.67 for sale, marking a significant increase from yesterday's trading.
Dollar prices in Egyptian banks:
National Bank of Egypt: Buying EGP 50.60, Selling EGP 50.70
Banque Misr: Buying EGP 50.60, Selling EGP 50.70
Alexandria Bank: Buying EGP 50.60, Selling EGP 50.70
Commercial International Bank (CIB): Buying EGP 50.61, Selling EGP 50.71
Banque du Caire: Buying EGP 50.60, Selling EGP 50.70
The increase comes a day after the US Federal Reserve decided to keep
interest rates unchanged, which contributed to strengthening the dollar
globally against most major currencies, amid indications that a rate cut may be
postponed until the end of the year.
Market outlook
Experts believe that continued inflationary pressures, coupled with geopolitical tensions in the region, may maintain the dollar's upward trend in the coming period, especially with the increasing demand for it from local and foreign investors, while risk appetite declines amid economic uncertainty.