By: Ahmed Allam
Cairo - Mubasher: The exchange rate for the US dollar varied in Egyptian banks on Saturday, the third working day after the decision by the Central Bank of Egypt (CBE) to float the Egyptian pound.
As a result of the new decision, the exchange rates will be decided according to the market's supply and demand mechanisms.
The USD registered EGP 15 for buying and around EGP 15.1 for selling in Banque Misr, at the National Bank of Egypt (NBE) the dollar reached EGP 15 for buying and EGP 15.6 for selling, while in Banque du Caire the exchange rate was at EGP 15.5 for buying and EGP 15.75 for selling.
Meanwhile, in Commercial International Bank (CIB) the exchange rate stood at EGP 15.51 for buying and EGP 15.75 for selling, while in the Arab African International Bank (AAIB) the dollar recorded EGP 15.25 for buying and EGP 15.75 for selling.
According to traders, foreign currency exchange in the parallel market has almost stopped, and that it seems to have been paralyzed as people await a clearer vision of the official market starting next week.
The CBE allowed the banks operating in Egypt to open its branches until 9 PM, and to work on weekends on Fridays and Saturdays.
Translated by: Moslem Ali
