Cairo – Mubasher: US dollar purchase price closed on Sunday at EGP 14.9 – EGP 15.5, decreasing from EGP 18 during last week, after getting the first tranche of the International Monetary Fund's (IMF) loan.
The IMF executive board approved on 11 November giving Egypt a $12 billion loan on three years; Egypt received the first tranche of $2.75 billion on Friday.
Egypt's reserves would rise to $23.5 billion, sources from the Central Bank of Egypt (CBE) told Mubasher.
The purchasing price of US dollar stood at EGP 15.35 in Banque Misr and National Bank of Egypt (NBE), while the selling prices ranged between EGP 16.25 and EGP 15.91 on Sunday.
In the Commercial International Bank (CIB), The US dollar purchasing price reached EGP 15, while the selling price reached EGP 15.95.
The Central Bank of Egypt (CBE) decided on 3 November to float the Egyptian pound freely against the foreign currencies and leave it to the supply and demand mechanisms.
