The exchange rates of the US dollar and major foreign and Arab currencies declined against the Egyptian pound.

On Tuesday, the dollar exchange rate ranged between 48.43 and 48.58 EGP for buying, and between 48.53 and 48.68 EGP for selling inside Egyptian banks.

Central Bank of Egypt Interest Rate Cut

This decline came after the Central Bank of Egypt cut interest rates by 200 basis points, bringing the overnight deposit rate to 22% and the lending rate to 23%.

Dollar as a Key Driver of Commodity Prices

Egyptians closely watch the dollar movements as it is the main factor in determining commodity prices in the markets, especially imported goods.

Highest Dollar Prices in Egyptian Banks

The highest dollar price was recorded in three banks: Abu Dhabi Islamic Bank, United Bank, and Suez Canal Bank, reaching 48.58 EGP for buying and 48.68 EGP for selling.

At Export Development Bank, the price was 48.55 EGP for buying and 48.56 EGP for selling.

Lowest Dollar Exchange Rate

The lowest rate for the US dollar was at Credit Agricole Bank at 48.43 EGP for buying and 48.53 EGP for selling, while at Bank of Cairo it was around 48.44 EGP for buying and 48.54 EGP for selling.

Dollar Prices in Government Banks

In the largest government banks, the dollar price at the National Bank of Egypt was about 48.46 EGP for buying and 48.56 EGP for selling, while at Banque Misr it was 48.47 EGP for buying and 48.57 EGP for selling.

Private Banks Show Relative Stability

The dollar price stabilized at Commercial International Bank (CIB) at 48.47 EGP for buying and 48.57 EGP for selling.

The dollar exchange rate against the Egyptian pound at National Bank of Kuwait, Ahli United Bank, and the Banking Company reached 48.53 EGP for buying and 48.63 EGP for selling. At Next Bank, it was 48.54 EGP for buying and 48.64 EGP for selling.

At Qatar National Bank and African International Bank, it reached 48.48 EGP for buying and 48.58 EGP for selling. At the Industrial Development, Reconstruction and Housing Bank, it was 48.50 EGP for buying and 48.60 EGP for selling.

At First Abu Dhabi Bank, it was 48.45 EGP for buying and 48.55 EGP for selling.

Egyptian Pound Exchange Rate Against Euro

The Egyptian pound exchange rate against the euro ranged between 56.10 and 56.75 EGP for buying, and between 56.64 and 57.01 EGP for selling.

Arab Currencies Prices Against the Egyptian Pound

Saudi Riyal Price

The Saudi riyal price at the National Bank of Egypt was about 12.88 EGP for buying and 12.94 EGP for selling. The highest riyal price was at Abu Dhabi Islamic Bank at 12.95 EGP for buying and 13.97 EGP for selling.

UAE Dirham Price

The UAE dirham price at the National Bank of Egypt was about 13.18 EGP for buying and 13.22 EGP for selling.

Meanwhile, the highest dirham price was at Export Development Bank at 13.23 EGP for buying and 13.25 EGP for selling.

Noticeable Market Stability

Bank and exchange companies’ transactions showed a state of stability in the dollar prices against the Egyptian pound during recent hours.