While a state of cautious calm prevails over The exchange market in EgyptThe average dollar exchange rate has stabilized between levels of 18.70 and 18.65 pounds for purchase, and 18.75 pounds for sale.
The highest exchange rate for the US paper in 4 banks led by Abu Dhabi Islamic Bank and Al Ahli Bank of Kuwait was at EGP 18.70 for buying, and EGP 18.75 for selling. In 4 banks led by Alexandria and Al-Baraka – Egypt, the dollar recorded a level of 18.69 pounds for purchase, and 18.75 pounds for sale.
While the lowest dollar exchange rate in 10 banks led by the Mashreq and the Suez Canal was at 18.65 pounds for purchase and 18.75 pounds for sale, the exchange rate of the American paper at the Central Bank of Egypt reached 18.66 pounds for purchase and 18.77 pounds for sale.
While the price of the euro fell today against the Egyptian pound at the Central Bank of Egypt, to about 19.52 pounds for purchase, and 19.61 pounds for sale.
As for the price of the pound sterling, it fell, according to the Central Bank of Egypt, to about 22.73 pounds for purchase, and 22.83 pounds for sale.
In the Arab world, the average price of the Saudi riyal, according to the Central Bank of Egypt website, stabilized at the level of 4.97 pounds for purchase, and 4.99 pounds for sale. While the average price of the UAE dirham increased, according to the Central Bank of Egypt website, to about 5.08 pounds for purchase, and 5.10 pounds for sale.
The average price of the Kuwaiti dinar, according to the transactions of the Central Bank of Egypt, was about 60.77 pounds for purchase, and 61.11 pounds for sale.
The Central Bank of Egypt had lowered the value of the pound during an extraordinary meeting held in mid-March. Official data also indicate a decline in the net international reserves of the Central Bank of Egypt by about two billion dollars, after it recorded about 35.4 billion dollars at the end of last May, compared to 37.1 billion dollars in the previous month, April.
The Central Bank of Egypt attributed the decline in foreign currency reserves, in an official statement, to Cairo’s repayment of a package of debts amounting to about two billion dollars last May. He explained that the debts that were repaid from the cash reserve balance were distributed between the repayment of principal debts for international bonds denominated in euros, in addition to interests, in addition to the repayment of part of the International Monetary Fund loan, in addition to the repayment of some external debts.