Will the price of the dollar rise against the Egyptian pound on Thursday?

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After a slight rise in the dollar against the Egyptian pound at the end of last week’s trading, a state of caution and anticipation prevails in the exchange market in Egypt, awaiting the results of the meeting of the Monetary Policy Committee of the Central Bank of Egypt, scheduled for next Thursday, to determine interest rates for the coming period, and will the dollar price rise?

It is the first meeting of the Monetary Policy Committee in Egypt after the recent decision of the US Central Bank, which raised prices.

In the exchange market, the price of the dollar stabilized, according to the data of the Central Bank website, at the level of 18.70 pounds for purchase, and 18.78 pounds for sale.

And the dollar exchange rate in the National Bank of Egypt and Banque Misr recorded a level of 18.71 pounds for purchase, and 18.77 pounds for sale. The exchange rate of the dollar at the Commercial International Bank reached about 18.73 pounds for purchase, and 18.79 pounds for sale.

The price of the euro today at the Central Bank of Egypt scored about 19.51 pounds for purchase, and 19.59 pounds for sale. The price of the European currency in the National Bank of Egypt and Banque Misr reached 19.42 pounds for purchase, and 19.89 pounds for sale. While the euro exchange rate at the Commercial International Bank recorded a level of 19.44 pounds for purchase, and 19.69 pounds for sale.

The exchange rate of the pound sterling at the Central Bank of Egypt reached 22.88 pounds for purchase, and 22.98 pounds for sale. While its price in the National Bank of Egypt and Banque Misr settled at the level of 22.53 pounds for purchase, and 23.28 pounds for sale.

In the Arab world, the exchange rate of the Saudi riyal on the screens of the Central Bank of Egypt recorded about 4.98 pounds for purchase, and 5 pounds for sale. In Banque Misr and the National Bank of Egypt, the riyal recorded a level of 4.98 pounds for purchase, and 5 pounds for sale.

And the price of the UAE dirham on the screens of the Central Bank of Egypt recorded about 5.09 pounds for purchase, and 5.11 pounds for sale. While the price of the Kuwaiti dinar at the Central Bank of Egypt reached 60.87 pounds for purchase, and 61.28 pounds for sale.

The Monetary Policy Committee of the Central Bank of Egypt decided, at its last meeting on May 19, to raise the overnight deposit and lending rates and the central bank’s main operation rate by 200 basis points to reach 11.25%, 12.25% and 11.75%, respectively. The credit and discount rate was also raised by 200 basis points to 11.75%.

This is the second time that the Central Bank of Egypt raises interest rates during 2022, as the Central Bank of Egypt raised interest rates by 100 basis points in an extraordinary meeting on March 21, and also allowed a correction of the exchange rate by reducing the value of the Egyptian pound against the dollar.

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