Cairo – Mubasher: The US dollar exchange rate against the Egyptian pound was placed at EGP 13.01 per dollar for selling and EGP 13.5 per dollar for buying, according to data issued by the National Bank of Egypt (NBE).
Earlier, the Central Bank of Egypt (CBE) decided to float the exchange rate system to control any manipulation in the local currency market.
The EGP exchange rate against foreign currencies will be thus decided according to the market's supply and demand mechanisms.
Moreover, the CBE hiked key lending rates by 300 basis points, or 3%, after free floating the pound exchange rate.
