Cairo – Mubasher: The exchange rate of the US dollar against the Egyptian pound showed mixed rates in Egyptian banks on Thursday following the Central Bank of Egypt's (CBE) decision to adopt a floating exchange rate regime.
The USD-EGP recorded 14, 14.3 for ask side and buy side respectively, according to the Commercial International Bank's (CIB) official website. Meanwhile, the pair saw 13.75, and 14.3 for ask side and buy side, respectively, according to Faisal Islamic Bank's official website.
The pair traded at 13.01, 13.5 for ask side and buy side respectively, according to each of National Bank of Egypt (NBE), Banque Misr and Banque du Caire.
Earlier, the CBE floated the pound; setting an initial rate of EGP 13/USD (up 46% from the previous official rate of EGP 8.88/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.
