Egyptian pound remains stable against US dollar in banks

Sunday 22-01-2017 03:29 PM

A customer exchanges U.S. dollars to Egyptian pounds in a foreign exchange office in central Cairo, Egypt December 27, 2016. REUTERS/Mohamed Abd El Ghany

CAIRO, Jan 22 (Aswat Masriya) - The Egyptian pound remained stable against the US dollar on Sunday, as it was sold at between EGP 18.70 and EGP 18.80 to the dollar in some banks.

The Commercial International Bank (CIB) had the dollar sold at EGP 18.75 and bought at EGP 18.65, while it was sold at EGP 18.80 at the Arab African International Bank and bought at EGP 18.70.

It was being sold at the Al Ahli Bank, Banque du Caire and Banque Misr at EGP 18.70, while it was bought at EGP 18.60.

Egypt's President Abdel Fatah al-Sisi said earlier in December that the pound was not valued fairly against the dollar, saying that it would strengthen over coming months.

"But for the equilibrium we are talking about to be reached we need some months," Sisi said.

Egypt's central bank abandoned its currency peg of EGP 8.8 to the U.S. dollar on Nov.3.

The dollar peg had drained the central bank's foreign reserves, which have been hit by reduced foreign investment following political turmoil in the past few years, forcing the bank to impose capital controls and ration dollars.

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