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

President Al-Sisi Meets Israel’s Netanyahu Publicly For The First Time in New York

Egyptian StreetsSeptember 19, 2017

Irish-Egyptian Ibrahim Halawa Acquitted By Egypt Courts After Four-Year Imprisonment

Kari MegeedSeptember 18, 2017

‘This is Egypt’ Wins UN Award For Best Tourism Promo Video in the Middle East

Kari MegeedSeptember 18, 2017

Egypt Governor Offers Financial Reward for Capture of Stray Dogs

Egyptian StreetsSeptember 18, 2017

Muslim Women in Tunisia Can Now Marry Non-Muslims

Egyptian StreetsSeptember 16, 2017

Explosion Strikes London Tube During Rush Hour

Egyptian StreetsSeptember 15, 2017

Egypt’s Embassy in Paris Celebrates 200th Anniversary of Discovering Abu Simbel Temples

Egyptian StreetsSeptember 14, 2017

Israel Decries Outrage in Egypt Over Israeli Flag in Educational Book

Egyptian StreetsSeptember 14, 2017
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.