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

While the foreign 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 between 18.48 and 18.41 pounds for buying and 18.55 and 18.51 for the sale.

In the National Bank of Egypt and in Banque Misr, the dollar’s exchange rate against the Egyptian pound stabilized at £ 18.45 to buy and £ 18.51 to sell. While the dollar exchange rate at the Central Bank of Egypt was around 18.44 pounds for the purchase and 18.55 for the sale.

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

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

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

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

Data from the Central Bank of Egypt indicates 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. The reserves have held just over $ 40 billion since November last year.

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