Cairo – Mubasher: The US dollar moved higher against the Egyptian pound on early Monday, exceeding EGP 17 per dollar at the Egyptian banks trades.
The US – EGP recorded 16.25 for buying and 17.25 for sale according to the National Bank of Egypt and he Commercial International Bank.
Abu Dhabi Islamic Bank started trading at EGP 16 per dollar for the buy side and EGP per dollar for the ask side.
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.
