US dollar falls below EGP 49 on Tuesday

The US dollar weakened against the Egyptian pound on Tuesday, falling below 49 pounds in many banks, as reported by Amwal Al Ghad Arabic.

The National Bank of Egypt (NBE) quoted buying and selling rates at 48.88 and 48.98, respectively.

Other banks like United Bank of Egypt, Suez Canal Bank, and Commercial International Bank (CIB) also reported lower rates with buying at 48.85 and selling at 48.95.

Last week, the Monetary Policy Committee (MPC) raised deposit and lending rates by 600 basis points to 27.25 per cent and 28.25 per cent, respectively.