The Central Bank of Egypt raised its hand on the exchange rate of the pound against the dollar on Wednesday. The exchange rate settled below the level of 50 pounds, a day after it moved above this level of 30.85 pounds.
The selling price of the green currency was recorded at 49.70 pounds at Credit Agricole Bank, Abu Dhabi Islamic Bank, Arab Investment Bank, and Emirates NBD Bank. In an interview with Al Jazeera Net, the chief market strategist at Orbex in Egypt, Assem Mansour, believes that what happened yesterday, Wednesday, is a movement of the exchange rates to specific ranges.