Egyptian Pound slides against the Dollar
The Egyptian pound weakened against the US dollar on Thursday, December 19, 2024, with several major banks reporting increases in the exchange rate. The shift reflects ongoing economic pressures in the region and underscores the fluctuating nature of global currency markets.
data compiled from ten leading Egyptian banks reveals a noticeable rise in the dollar’s value. The increases ranged from three to five piasters, impacting both buying and selling rates. This fluctuation has implications for businesses and individuals engaging in international trade and transactions.
Dollar Exchange Rates at Major Egyptian Banks (December 19, 2024)
Here’s a snapshot of the closing exchange rates at several prominent Egyptian banks:
- National Bank of Egypt: 50.85 EGP (buy) / 50.95 EGP (sell) – a 5-piaster increase.
- Banque Misr: 50.83 EGP (buy) / 50.93 EGP (sell) – a 3-piaster increase.
- Banque du Caire: 50.86 EGP (buy) / 50.96 EGP (sell) – a 5-piaster increase.
- Commercial International Bank: 50.86 EGP (buy) / 50.96 EGP (sell) – a 5-piaster increase.
- Al Baraka Bank: 50.85 EGP (buy) / 50.95 EGP (sell) – a 5-piaster increase.
- Suez Canal Bank: 50.88 EGP (buy) / 50.98 EGP (sell) – a 3-piaster increase.
- Credit agricole Bank: 50.87 EGP (buy) / 50.97 EGP (sell) – a 5-piaster increase.
- Bank of Alexandria: 50.86 EGP (buy) / 50.96 EGP (sell) – a 4-piaster increase.
- Housing and Growth Bank: 50.85 EGP (buy) / 50.95 EGP (sell) – a 5-piaster increase.
- Abu Dhabi Islamic Bank: 50.89 EGP (buy) / 50.98 EGP (sell) – a 3-piaster increase.
While the changes may seem small, the cumulative effect on the Egyptian economy warrants close monitoring.These fluctuations can impact the cost of imported goods and influence inflation rates.
for a complete overview of current exchange rates, please visit this link.
The egyptian Pound (EGP) experienced a decline against the US dollar on December 19,2024.
Key Points:
Weakening Pound: The EGP lost value against the USD, with several major Egyptian banks reporting increases in the exchange rate.
Range of Fluctuation: The increases ranged from 3 to 5 piasters, affecting both buying and selling rates.
Impacted Banks: major banks like National Bank of Egypt, Banque Misr, Banque du Caire, and others reflected this change in their exchange rates.
Economic Implications: This fluctuation has potential consequences for businesses and individuals engaged in international transactions, affecting import costs and inflation.
The article emphasizes that although the changes appear small, their cumulative effect on the Egyptian economy should be monitored closely.
