News

Central Bank of Egypt Floats the Egyptian Pound

Central Bank of Egypt Floats the Egyptian Pound

6895483-money-of-the-world-dollars-euros-russian-roubles-thai-baht-turkish-lira-egypt-pounds-stock-photo

In a surprise morning announcement, the Central Bank of Egypt announced that it has floated the Egyptian pound against all foreign currencies.

“The CBE hereby announces its decision to move, with immediate effect, to a liberalized exchange rate regime in order to quell any distortions in the domestic foreign currency market,” the bank said in a statement.

Against the US dollar, the Egyptian pound was floated to EGP 13.00 per USD 1.00. Selling a US dollar, however, yields EGP 13.50. Prior to the devaluation, the US dollar’s official selling price was EGP 8.88, while the buying price stood at EGP 8.85. On the parallel market, however, the greenback reached an all-time high of EGP 18 earlier this week, before the pound strengthened amid calls for a boycott of the parallel market to drive down the rates.

Following the devaluation, the Commercial International Bank (CIB) has placed the USD buying rate at EGP 13.25 and the selling rate at EGP 14.3, while it place the rate for euros at EGP 14.661 for buying and EGP 15.913 for selling. Other banks have yet to update their websites with the new rates.

The Egyptian pound will be allowed to fluctuate (either positively or negatively) in value by 10 percent for a short period before it is set.

In a separate announcement, the Bank Misr and Al-Ahly announced that buying Egyptian pound certificates will provide customers with an interest rate between 16 and 20 percent, depending on the duration that the certificates are kept.

This story is developing.

IMF 'Welcomes' Egypt's Currency Devaluation
El Baradei Breaks 3-Year Silence on Media Accusations, Violence in Egypt After June 30

Subscribe to our newsletter


News

More in News

Who Was Mohamed Morsi? A Timeline of His Rise and Fall

Egyptian StreetsJune 18, 2019

Turkey, Qatar Only Countries to React to Morsi’s Death

Egyptian StreetsJune 18, 2019

Egypt’s Former President Mohamed Morsi Dies of a Heart Attack in Court

Egyptian StreetsJune 17, 2019

First Creative Entrepreneurship Event in Egypt For Women

Egyptian StreetsJune 16, 2019

Cairo’s Third Metro Line Fare Prices Increase to EGP 5 – EGP 10

Egyptian StreetsJune 16, 2019

Aguirre: I Will Leave If I Don’t Achieve Egypt’s Targets

Egyptian StreetsJune 15, 2019

Egyptian MP Proposes Abolishing Plastic Bags in Favour of Eco-Friendly Alternatives

Egyptian StreetsJune 11, 2019

Google Honors Egyptian Writer Ahmed Khalid Tawfik

Egyptian StreetsJune 10, 2019
Egyptian Streets is an independent, young, and grass roots news media organization aimed at providing readers with an alternate depiction of events that occur on Egyptian and Middle Eastern streets, and to establish an engaging social platform for readers to discover and discuss the various issues that impact the region.

© 2017 Egyptian Streets. All Rights Reserved.