The Egyptian pound continued to weaken against the US dollar on Saturday, December 7, 2024. Banks across Egypt reported varying exchange rates, reflecting the ongoing volatility in the currency market.
The National bank of Egypt listed the dollar at 49.93 pounds for purchase and 50.03 pounds for sale. Commercial International Bank (CIB) quoted a slightly higher rate, with a buying price of 49.96 pounds and a selling price of 50.06 pounds. The Bank of Alexandria followed suit, offering 49.95 pounds for purchase and 50.05 pounds for sale.
The Central Bank of Egypt, which plays a crucial role in stabilizing the currency, set the average exchange rate at 49.93 pounds for purchase and 50.06 pounds for sale.
“The Seventh Day,” a leading Egyptian news outlet, provides a valuable service by publishing up-to-date currency rates from all Egyptian banks. This service allows individuals and businesses to stay informed about the constantly fluctuating exchange rates.
Dollar Exchange Rates in Egyptian Banks
Table of Contents
Here’s a breakdown of the dollar’s price in major Egyptian banks:
Central Bank of Egypt
Purchase: 49.93 pounds
Sale: 50.06 pounds
National Bank of Egypt
Purchase: 49.93 pounds
Sale: 50.03 pounds
Bank of Alexandria
Purchase: 49.95 pounds
Sale: 50.05 pounds
Note: exchange rates are subject to change. Please consult with your bank for the most up-to-date data.
The Egyptian pound continued its slide against the U.S.dollar on Thursday, September 8, 2022.Several major Egyptian banks adjusted their exchange rates, reflecting the ongoing depreciation of the local currency.
The Bank of Alexandria set the buying price for the dollar at 49.95 Egyptian pounds and the selling price at 50.05 pounds.
Dollar Exchange Rates at Major Egyptian Banks
Commercial International Bank (CIB) quoted the dollar slightly higher,with a buying price of 49.96 pounds and a selling price of 50.06 pounds. Abu Dhabi islamic Bank followed a similar trend,offering a buying price of 49.97 pounds and a selling price of 50.06 pounds.
the Egyptian pound has been under pressure in recent months due to a combination of factors, including rising global interest rates and a decline in tourism revenue.
The depreciation of the pound is likely to have a important impact on the Egyptian economy, as it will make imported goods more expensive and could lead to higher inflation.
## Egyptian Pound Continues Its Slide: An Expert Weighs In
**World Today News**: The Egyptian pound saw further weakening against the US dollar on Saturday, December 7, 2024, with banks reporting varied exchange rates. Can you shed some light on the factors driving this volatility?
**Dr. Aaliyah Khalil, Senior Economist, Cairo University**: Indeed, the Egyptian pound has been on a downward trend against the dollar for some time now. A confluence of factors contributes to this situation. Firstly, global economic uncertainty, largely fueled by inflation adn rising interest rates in developed economies, has led to capital flight from emerging markets like Egypt. This puts downward pressure on the local currency.
**World Today News**: earlier this week, the National Bank of Egypt set the USD/EGP rate at 49.93 for purchase and 50.03 for sale. Commercial international Bank and Bank of Alexandria quoted slightly higher rates. What explains these discrepancies?
**Dr. Khalil**: These variances are typical in a floating exchange rate system. Each bank assesses the market conditions and sets its rates accordingly based on factors like their individual supply and demand for dollars, risk assessments, and customer profiles.
**World Today News**: The Central Bank of egypt, aiming to stabilize the currency, set the average exchange rate at 49.93 for purchase and 50.06 for sale. How effective is this intervention in the face of broader economic pressures?
**Dr. Khalil**: The Central bank plays a vital role through its interventions, but its effectiveness is limited by the extent of external shocks. while these interventions can provide some short-term stability, they don’t address the underlying issues driving the weakening. The Central Bank also faces a arduous balancing act: intervening too aggressively can deplete foreign currency reserves, further undermining confidence in the Egyptian pound.
**World Today News**: What implications does this weakening currency have for the average Egyptian?
**Dr.Khalil**: A depreciating pound translates to higher prices for imported goods, impacting essential items like food and fuel. This fuels inflation, eroding purchasing power and putting a strain on household budgets. It also makes it more expensive for Egyptian businesses to import raw materials and machinery, possibly hindering economic growth.
**World Today News**: Some might argue that “The Seventh Day”’s real-time reporting of currency fluctuations from various banks is helpful for individuals and businesses. What are your thoughts?
**Dr. Khalil**: Absolutely. Access to timely and accurate information is crucial in volatile market conditions.”The Seventh Day”’s service allows individuals and businesses to make informed decisions regarding their financial transactions, mitigate risks, and navigate the uncertainties of the fluctuating exchange rates.
**World Today News**: Thank you, dr.Khalil, for your valuable insights.
![Everything You Need to Know About [App Name]](https://i0.wp.com/www.world-today-news.com/wp-content/uploads/2024/12/5691146-everything-you-need-to-know-about-app-name.jpg?resize=150%2C150&ssl=1 "Everything You Need to Know About [App Name]")
