The dollar is falling against the pound in Egypt

The price of the US dollar fell in the middle of trading today against the Egyptian pound in banks operating in Egypt, after its historical and unprecedented rise in the country.

And the dollar in the National Bank of Egypt recorded 18.24 pounds for purchase, and 18.34 pounds for sale, compared to its previous price, which was 18.25 pounds for purchase, and 18.35 pounds for sale, and in the Bank of Alexandria at 18.21 pounds for purchase, and 18.31 pounds for sale.

As for CIB, it recorded 18.20 pounds for purchase, and 18.30 pounds for sale, and in Banque Misr, it recorded 18.24 pounds for purchase, and 18.34 pounds for sale.

The Egyptian pound lost about 17.81% of its value against the dollar on March 23 in the Egyptian banking market, since the Central Bank of Egypt raised the interest rate last Monday and corrected the price of the Egyptian pound.

The average price of the dollar in Egypt, according to data from the Central Bank of Egypt, jumped to about 18.45 pounds for purchase, and 18.54 pounds for sale, compared to about 18.17 pounds for purchase, and 18.26 pounds for sale.

The Central Bank of Egypt announced, Monday before last, that it decided to raise the main interest rate by 100 basis points, bringing the overnight lending rate to 10.25% and the overnight deposit rate at 9.25%, in an exceptional meeting, after increasing global inflationary pressures that were exacerbated by The war in Ukraine.

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