The price of the dollar in Egypt today, Tuesday, March 22, 2022
The price of the Egyptian pound against the US dollar, today, Tuesday, reached 18.45 pounds for purchase and 18.55 pounds for sale, according to Refinitiv data, down from about 18.27 late yesterday, Monday.
On Monday, Egypt allowed its currency to depreciate from 15.7 pounds to the dollar, the rate that has been circulating since November 2020. After the Central Bank of Egypt raised overnight interest rates by 100 basis points in a surprise meeting of the Monetary Policy Committee earlier today.
Analysts from investment bank JB.
Morgan two weeks ago that the Egyptian pound is overvalued by 15 percent and a devaluation is likely to be required.
Yesterday, Banque Misr and the National Bank announced the offering of savings certificates with an annual return of 18%, and the certificates were very popular with depositors.
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