The price in dollars in Egypt today Thursday, August 22, 2019

The average dollar exchange rate in Egypt increased by two piastres against the Egyptian pound on Thursday at the start of the trading session, yielding £ 16.54 for the purchase versus £ 16.64 for sale in banks and foreign exchange companies. in Egypt.

The dollar at the National Bank, the largest state-owned bank, recorded 16.52 pounds on the purchase and 16.62 pounds on the sale, the same price at Bank Misr. It is the lowest price of the dollar until the early hours of the day.

The Islamic bank of Abu Dhabi offered the highest dollar price, up about 3 piastres to reach 16.56 pounds at the purchase and 16.65 pounds for sale.

The American currency of Commercial International Bank Egypt, the largest private bank in the country, was worth £ 16.5 for the purchase, against £ 16.6 for sale, the same price in Al Baraka, Piraeus, Suez Canal , United Bank, Audi and Arab Banking.

The price of the dollar varied in the rest of the banks, where it reached reconstruction and housing banks and Ahli Greek at 16.53 pounds to buy versus 16.63 pounds for sale. Meanwhile, Crédit Agricole and Bloom reached LE 16.54 for the purchase and LE 16.64 for the sale.

A research note published Tuesday by Capital Economics, based in London, on the gravity of Egypt's external debt, noted that the recent appreciation of the pound against the dollar "had made the currency relatively fair", so that the value of the pound remains 15% lower than its value. Fair value before floating currency in November 2016.

The Egyptian pound has gained about 7% against the dollar since the beginning of the year.

Net foreign exchange reserves reached $ 44.91 billion at the end of July, compared with $ 44.35 billion at the end of June.

For the rest of the foreign currencies and according to the National Bank of Egypt prices, the price of buying the euro fell by two dollars from the price of yesterday to reach 18 , 30 pounds and sell at 18.43 pounds sterling, the pound lost 5 piastres to buy and sell at 20.20 pounds.

As far as Arab currencies are concerned, the price of the Saudi Arabian riyal is set at 4.40 pounds at the time of purchase and at 4.43 pounds for sale, whereas the UAE dirham is set at 4.49 pounds to buy and 4.52 pounds for sale, and the price of the Kuwaiti dinar dropped by a penny to buy 54.29 pounds against 54.67 pounds on sale.

The general policy committee of the Central Bank of Egypt is scheduled to meet on Thursday to discuss interest rate movements.

After a surprise cut of 100 basis points in February, the central bank maintained interest rates at its previous three meetings.

A Reuters poll showed that the central bank was likely to reduce interest rates by at least 100 basis points to today's meeting after that July's inflation figures would be well below expectations.

In July, consumer price inflation in Egyptian cities fell from 9.4% in June to 8.7%, a surprise for analysts, who expected inflationary pressures to rise after a new round of inflation. subsidy cuts that have pushed fuel prices up between 16 and 30%.

"The central bank could reduce interest rates given the trend of moderate inflation and monetary easing globally, but expect that a new data set on Inflation ensures price stability, "said Brian Plamondon, director of global economies at IHS Market, which focuses on the Middle East and North Africa. Following the reduction of subsidies. "

The fuel subsidy, which has been on the budget for decades, has begun a package of reforms related to a $ 12 billion three-year loan agreement with the IMF in 2016.