The US dollar exchange rate has increased against the Egyptian pound to EGP 17.4 for buying and EGP 17.5 for selling at the National Bank of Egypt (NBE) and Banque Misr.
The USD exchange rate rose to EGP 15.6 for buying and EGP 15.75 for selling.
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Egypt’s central bank has devalued the pound by up to 10.67 percent on Monday morning to 17.42-17.52 against the U.S. dollar, Refinitiv data showed.
The Egyptian currency had been trading at around 15.7 pounds to the dollar since November 2020. The country’s central bank also decided to hike this morning overnight interest rates by 100 basis points in a surprise monetary policy meeting.
