Cairo – Mubasher: The US dollar moved higher against the Egyptian pound, for the fourth day in row following the central bank decision of floating the local currency against other foreign currencies, at the Egyptian banks trades on Sunday.
The US – EGP recorded 15.5, 15.75 for buy side and ask side respectively up from 15, 15.6 on Friday, according to the National Bank of Egypt.
Meanwhile, the US – EGP remained stable at the Commercial International Bank at 15.51, 15.75 for for buy side and ask side respectively.
Earlier, CBE float the pound; setting an initial rate of EGP13/USD (down 46% from the previous official rate of EGP8.88/USD), with a 10% band limit – letting banks determine the rate.
The CBE also raised the overnight deposit, lending and discount rates by 300bps to 14.75%, 15.75% and 15.25%, respectively.
