Egyptian pound remained stable against the US dollar …

CAIRO (Capital Markets in Africa) – The Egyptian pound remained stable against the US dollar early Wednesday with sale prices ranging between EGP 17 and EGP 17.45 and buy prices ranging from EGP 17.5 to EGP 17.95.

At the Société Arabe Internationale de Banque (SAIB), the dollar stood at EGP 17.45 and EGP 17.75 for buy and sell, respectively.

The Egyptian Gulf Bank sold the USD-EGP at EGP17.95 and recorded EGP 17 for buying.

Meanwhile, purchasing at Alex Bank, Abu Dhabi Islamic Bank (ADIB) – Egypt, Credit Agricole, Export Development Bank of Egypt (EDBE), Housing and Development Bank (HDB), United Bank and Baraka Bank stood at EGP 17 per USD while selling ranged between EGP 17.5 and EGP 17.9.

Faisal Bank and HSBC sold the USD for EGP 17 and EGP 17.1, respectively, while buying at the two banks was seen at EGP 17.75.

Six banks, namely: Suez Canal Bank, Misr Iran Development Bank (MIDB), the Commercial International Bank (CIB), Banque du Caire, and National Bank of Greece (NBG) – Egypt sold the USD for EGP 17.25 , while buying prices ranged between EGP 17.65 and EGP 17.75.

Data by the Central Bank of Egypt (CBE) showed that the average selling price of the US currency on Tuesday was EGP 17.29, while average buying stood at EGP 17.82.

On 3 November 2016, the CBE announced free-floating the EGP and increasing interest rates by 300 basis points. The CBE also gave local banks the opportunity to freely price the USD in accordance with the Interbank rate.