Egypt Pound Steadies Against US Dollar, Falls Against UK, Aussie Currencies

The US dollar’s price against the Egyptian pound has steadied on Sunday at EGP 6.798 (buy price) and EGP 6.8281 (sell price).

Belal Khalil – Deputy Chairman of the Foreign Exchange Division of the Federation of the Chamber of Commerce – said the US currency has remained with no change on Sunday as the Central Bank of Egypt did not offer dollars (FX auction) to the local banks.

Khalil has also referred to the Aussie dollar and pound sterling’s recent significant rise against the Egypt pound. The Aussie dollar’s exchange rate has exceeded EGP 7 level for its average price has reached EGP 7.20, compared to EGP 6.95 during the last week trading. Khalil has attributed the Aussie dollar and pound sterling’s price rise to the increasing demand on finding alternatives for the unavailable US currency.

The pound sterling also increased on Sunday to EGP 10. 35 (buy price) and EGP 10.53 (sell price), as opposed to the Thursday’s levels of EGP 10.30 (buy price) and EGP 10.4625 (sell price) representing an increase of 7 piasters for the sell price and of EGP 5 piasters for the buy price.

Also, the Kuwaiti dinar’s exchange rate has steadied on Sunday at EGP 23.61(buy price) and EGP 24.35 (sell price).