Cairo – Mubasher: The Egyptian pound declined against the US dollar (USD) on early Wednesday.
The highest rate for bids was set at EGP 17.55 per dollar by the CIB, while the highest rate for asks was EGP 18.05 per dollar by Abu Dhabi Islamic Bank.
According to the National Bank of Egypt, Banque du Caire and Suez Canal Bank, the EGP-USD X-rate stood at 17.4 for purchase and 17.7-18.05 for buying.
On 3 November 2016, the CBE announced free-floating the EGP and increasing interest rates by 300 basis points. The CBE also gave local banks the opportunity to freely price the USD in accordance with the Interbank rate.
