Egyptian pound drops near 18 against U.S. dollar in interbank trade

The Egyptian pound further dropped to 18 to the U.S. dollar during interbank dealings on Monday as banks scrambled to meet a surge in demand for dollars.

The pound was quoted at 18 for buying to the dollar at the state agricultural lender, the Egyptian Agricultural Bank, previously known as the Principal Bank for Development and Agricultural Credit (PBDAC).

Egypt floated the pound on Nov. 3 and raised interest rates by 300 basis points in a dramatic move welcomed by businesses as the key to unlocking investment.

It devalued the currency by about a third from the former peg of 8.8 against the dollar and allowed it to drift lower.

The table below demonstrates the selling and buying prices of dollar against the Egyptian pound in 17 banks, according to data compiled by Amwal Al Ghad.