CBE Stabilises US Dollar Against EGP For 4th Consecutive Time

The Central Bank of Egypt (CBE) stabilised on Tuesday the price of the US dollar against the Egyptian pound for the fourth consecutive time. The US dollar’s price now stands at EGP 7.7301, according to the CBE. Its bid price at banks is stable at EGP 7.78, while asking price is at EGP 7.8301. At exchange companies, the dollar’s price was stabilised at EGP 7.88.

The dollar’s price reached this level on 5 July, after the CBE raised its price by 20 piasters, over two phases.

“After the CBE increased the price twice at the begging of this month, it stabilised the dollar price against the Egyptian pound to ease the market,” said Tamer Youssef, Head of the Treasury and Capital Markets sector at a foreign bank working in the local market.

Youssef added that he does not expect another significant increase for the US dollar against the Egyptian pound in the next period, but that there will, instead, be limited and gradual increases.

He expected that the dollar’s price will remain at EGP 8 at banks and exchanges, and it is unlikely to exceed this level, at least in the meantime.

The CBE controls the dollar price at banks and exchanges working on the local market through the dollar sale bids for banks, launched by the CBE three times a week, on Sundays, Tuesdays and Thursdays.

Source: Daily News Egypt