How does the Egyptian pound move against the dollar and Arab currencies?

While the exchange market in Egypt is witnessing a state of calm, the dollar exchange rate has stabilized against the Egyptian pound in recent transactions, at levels ranging between 18.48 and 18.41 pounds for purchase, and 18.55 and 18.51 pounds for sale.

In the National Bank of Egypt and Banque Misr, the exchange rate of the dollar against the Egyptian pound stabilized at the level of 18.45 pounds for purchase, and 18.51 pounds for sale. While the exchange rate of the dollar at the Central Bank of Egypt amounted to about 18.44 pounds for purchase, and 18.55 pounds for sale.

The exchange rate of the euro against the Egyptian pound also stabilized at 19.32 pounds for purchase, and 19.55 pounds for sale. As for the Central Bank of Egypt, the European currency exchange rate recorded a level of 19.34 pounds for purchase, and 19.46 pounds for sale.

The exchange rate of the pound sterling against the Egyptian pound settled at 22.91 pounds for purchase, and 23.26 pounds for sale. While the Central Bank of Egypt reached a level of 22.92 pounds for purchase, and 23.07 pounds for sale.

In the Arab world, the exchange rate of the Saudi riyal against the Egyptian pound reached the level of 4.91 pounds for purchase, and 4.93 pounds for sale. The Kuwaiti dinar exchange rate settled at 57.88 pounds for purchase, and 60.45 pounds for sale. While the exchange rate of the UAE dirham at the Central Bank of Egypt stabilized at the level of 5.01 pounds for purchase, and 5.05 pounds for sale.

The Central Bank of Egypt devalued the pound by 14% on March 21, to face imported inflationary pressures due to the war situation in Ukraine.

Data from the Central Bank of Egypt indicate that reserves fell at the end of last March to a level of $37.082 billion, compared to about $40.994 billion at the end of last February. Reserves have held just above $40 billion since November of last year.

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