Dollar rates at major banks:
National Bank of Egypt (NBE):
Buying: EGP 48.00 Selling: EGP 48.18
Banque Misr:
Buying: EGP 48.00 Selling: EGP 48.18
Bank of Alexandria (ALEXBANK):
Buying: EGP 48.00 Selling: EGP 48.16
Commercial International Bank (CIB):
Buying: EGP 48.00 Selling: EGP 48.18
Banque du Caire:
Buying: EGP 48.00 Selling: EGP 48.18
The stability followed an announcement by the Central Bank
of Egypt that foreign reserves had risen above USD 49 billion. This is the
highest level in years. The stronger reserves highlight Egypt’s ability to
cover imports and service external debt. They also reinforce investor
confidence in the pound.
The recent decline of the dollar is expected to ease
inflationary pressures. Lower exchange rates directly reduce the cost of
imported goods and raw materials. Analysts believe this could help ease the
burden on consumers, even as global pressures on energy and food prices
continue.