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US dollar price varies at banks, CBE on Tuesday - Daily News Egypt

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US dollar price varies at banks, CBE on Tuesday

Bankers expect the greenback to change hands at EGP 15-16 for three months

The US dollar price varied at banks and the Central Bank of Egypt (CBE) on Tuesday, amid a continuing wave of selling by clients.

The average price of the greenback at the CBE rose slightly on Tuesday, registering EGP 15.1595 for buying, up from EGP 15.1514 per $1 on Monday. Meanwhile, the selling price fell to EGP 15.8754 from EGP 15.9403 on Monday.

In banks, US dollars were changing hands on Tuesday at rates ranging between EGP 14.90 and EGP 15.25 for buying and EGP 15.75 and 16.35 for selling.

Tamer Youssef, head of treasury at a foreign bank operating in the Egyptian market, said that the US dollar price is expected to remain between EGP 15-16 for the coming three months, unless news—good or bad—leads its price up or down unexpectedly.

He pointed out that the current price was impacted by the positive news regarding the approval of the International Monetary Fund of lending Egypt $12bn and the arrival of the first tranche of that loan, along with reaching financing deals with a number of banks and international financial institutions. Collectively, this news pushed the price of the US dollar down against the Egyptian pound from EGP 18—on the first days of the flotation—to EGP 15-16.

The state targets to attract foreign investment to governmental debt instruments and the stock exchange. This will not happen unless the dollar price becomes attractive and the interest rate on Egyptian pound investments increases. Thus, the dollar price is expected to remain as is for three months, and the interest rates will probably remain the same for the next six months, in order to attract those investments, according to Youssef.

He said that we can expect direct foreign investment to enter Egypt, and the country’s credit rating and reserves to increase—which will push down the US dollar price to register EGP 14, if those steps are followed.

The CBE’s official exchange rates and prices are expressed in Egyptian pounds
Rates for 15 November 2016

Currency Buy Sell
US dollar 15.1595 15.8754
Euro 16.3146 17.0899
Pound sterling 18.8371 19.7363
Canadian dollar 11.2085 11.7396
Danish krone 2.1921 2.2959
Norwegian krone 1.7978 1.8849
Swedish krona 1.6566 1.7352
Swiss franc 15.1898 15.9152
Japanese yen (per 100) 13.9873 14.6533
Saudi riyal 4.0418 4.2333
Kuwaiti dinar 49.7929 52.2475
UAE dirham 4.1266 4.3227
Australian dollar 11.4575 12.0018
Bahraini dinar 40.2076 42.1176
Omani riyal 39.3650 41.2455
Qatari riyal 4.1633 4.3605
Jordanian dinar 21.3423 22.4134
Chinese yuan 2.2104 2.3171


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