UAE Dirham Maintains stability Against the Egyptian Pound in Egyptian Banks
The UAE dirham has shown remarkable stability against the Egyptian pound in banks operating in Egypt as of Monday, February 3, 2025.The average exchange rate for the Emirati currency ranged between 13.64 pounds for purchase and 13.70 pounds for sale, reflecting a steady trend in the Egyptian banking market.
Exchange Rates Across Major Egyptian banks
Table of Contents
The National Bank of Egypt recorded the UAE dirham at 13.64 pounds for purchase and 13.68 pounds for sale. Similarly, Banque Misr maintained the same rates, with the dirham trading at 13.64 pounds for purchase and 13.68 pounds for sale.
At the Suez Canal Bank, the exchange rate stood at 13.64 pounds for purchase and 13.69 pounds for sale. Simultaneously occurring,the Central Bank of Egypt reported a slightly higher rate,with the dirham trading at 13.65 pounds for purchase and 13.69 pounds for sale.
Highest Exchange Rate Recorded
The abu Dhabi Islamic Bank, Egypt, recorded the highest exchange rate for the UAE dirham at 13.67 pounds for purchase and 13.69 pounds for sale. HSBC Egypt also reported a stable rate of 13.66 pounds for purchase and 13.69 pounds for sale.
Other Notable Banks
- Bank of Alexandria: 13.64 pounds for purchase and 13.68 pounds for sale.
- National Bank of Kuwait: 13.65 pounds for purchase and 13.70 pounds for sale.
- Egyptian Gulf Bank: 13.64 pounds for purchase and 13.69 pounds for sale.
- Cairo Bank: 13.64 pounds for purchase and 13.68 pounds for sale.
Summary of Exchange Rates
The table below summarizes the exchange rates of the UAE dirham across major Egyptian banks:
| Bank | Purchase Rate (EGP) | sale Rate (EGP) |
|—————————|————————-|———————|
| National Bank of Egypt | 13.64 | 13.68 |
| Banque Misr | 13.64 | 13.68 |
| Suez Canal Bank | 13.64 | 13.69 |
| Central Bank of egypt | 13.65 | 13.69 |
| Abu Dhabi Islamic Bank | 13.67 | 13.69 |
| HSBC Egypt | 13.66 | 13.69 |
| Bank of Alexandria | 13.64 | 13.68 |
| National Bank of Kuwait | 13.65 | 13.70 |
| Egyptian Gulf Bank | 13.64 | 13.69 |
| Cairo Bank | 13.64 | 13.68 |
market Stability and Outlook
The stability of the UAE dirham against the Egyptian pound reflects the ongoing balance in the Egyptian banking market. This trend is expected to continue in the coming days, providing a predictable surroundings for traders and investors.
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Understanding the stability of the UAE Dirham Against the Egyptian Pound: Insights from Banking Expert John Carter
In recent months, the UAE dirham has demonstrated remarkable stability against the Egyptian pound in banks operating within Egypt. This trend has provided a predictable surroundings for traders and investors, reflecting the ongoing balance in the Egyptian banking market. To delve deeper into this topic,we sat down with John Carter,a seasoned financial analyst and expert in currency exchange dynamics,to explore the factors driving this stability and its implications for the broader financial landscape.
Current Exchange rate Trends
Editor: John, the UAE dirham has shown consistent stability against the Egyptian pound. What are the key factors driving this trend?
John Carter: The stability of the UAE dirham is largely influenced by the robust economic ties between the UAE and Egypt. Additionally,the resilience of the Egyptian banking sector plays a significant role. High liquidity rates in both local and foreign currencies have helped maintain this equilibrium. Furthermore, the Central Bank of Egypt’s monetary policies have been effective in stabilizing the market.
Role of Major Banks in Maintaining Rates
Editor: Major banks like the National Bank of Egypt and Banque Misr have maintained consistent exchange rates. How do these institutions contribute to this stability?
John Carter: Major banks act as pillars of confidence in the market. Their adherence to stable rates ensures predictability for businesses and individuals. For instance, the National Bank of egypt and Banque Misr have consistently set the UAE dirham at 13.64 pounds for purchase and 13.68 pounds for sale. This consistency reduces volatility and fosters trust in the financial system.
Central Bank’s Role in Exchange rate Stability
Editor: The Central Bank of Egypt reported slightly higher rates compared to other banks. What does this indicate?
John Carter: The Central Bank’s slightly higher rates reflect its role in managing the country’s foreign exchange reserves. By setting a benchmark rate, it ensures that the market remains aligned with broader economic goals. The dirham trading at 13.65 pounds for purchase and 13.69 pounds for sale at the Central Bank demonstrates its commitment to maintaining a balanced exchange rate environment.
Impact of Foreign Banks on Exchange Rates
Editor: Foreign banks like Abu Dhabi Islamic Bank and HSBC Egypt have recorded some of the highest exchange rates. How do these institutions influence the market?
John Carter: Foreign banks bring additional liquidity and competitive pricing to the market. For example, Abu Dhabi Islamic Bank recorded the UAE dirham at 13.67 pounds for purchase and 13.69 pounds for sale,while HSBC Egypt maintained a stable rate of 13.66 pounds for purchase and 13.69 pounds for sale. Their presence enhances market efficiency and provides more options for currency traders.
Market Outlook and Predictions
Editor: Looking ahead, what can we expect in terms of the UAE dirham’s stability against the Egyptian pound?
John Carter: Given the current economic conditions and the improvements in the Egyptian banking sector post-Egyptian pound float, I expect this stability to continue. The Central Bank’s proactive measures, coupled with strong bilateral trade relations, will likely sustain this trend, providing a favorable environment for both local and international investors.
Conclusion
The stability of the UAE dirham against the Egyptian pound is a testament to the resilience of the Egyptian banking sector and the effective policies implemented by its financial institutions. As highlighted by John Carter, the consistent exchange rates across major banks, including foreign entities, contribute to a predictable and reliable market. This trend is expected to persist, offering a stable backdrop for economic activities and investments in the region.
