Egyptian pound remains stable against US dollar in most banks

Sunday 05-02-2017 03:05 PM

American dollar notes are displayed in this photo illustration in Johannesburg August 13, 2014. REUTERS/Siphiwe Sibeko

CAIRO, Jan 30 (Aswat Masriya) - The Egyptian pound remained stable against the US dollar on Sunday, as it was sold at between EGP 18.35 and EGP 18.75 to the dollar in some banks.

The Commercial International Bank (CIB) had the dollar sold at EGP 18.70 and bought at EGP 18.60, while it was sold at EGP 18.75 at the Arab African International Bank and bought at EGP 18.55.

It remained stable at the Banque du Caire and Banque Misr with EGP 18.40 as a selling price and EGP 18.35 for buying, while at the Al Ahli Bank, it remained at EGP 18.35 and EGP 18.30, respectively.

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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