EGP slightly down against USD in early Monday trade

The Egyptian Pound (EGP) saw a decline against the US Dollar (USD) in early trading on Monday, April 29, 2024, prompting a wave of rate changes across various banks.

The National Bank of Egypt, Banque Misr, Banque du Caire, and the Commercial International Bank (CIB) maintained their rates at EGP 47.85 and EGP 47.95, respectively.

Reacting to the market fluctuation, QNB ALAHLI and the Arab African International Bank adjusted their rates to EGP 47.85 and EGP 47.95, respectively. Similarly, the Housing and Development Bank and the United Bank kept their rates at EGP 47.85 and EGP 47.95, respectively.

In contrast, Abu Dhabi Islamic Bank updated their rates to EGP 48.10 and EGP 48.20. This series of adjustments reflects the banks’ response to the early market dip of the EGP against the USD.