Prior to the currency adjustment on Wednesday, the LE spent nearly a year at LE 30 against the USD. State-owned National Bank of Egypt (NBE) maintained the dollar's purchasing and selling price at LE 49.5 and a selling rate of LE 49.6, with Banque Misr recording a buying rate of LE 49.5 and a selling rate of LE 49.6, a slight decrease from Wednesday's peak numbers of LE 50 and LE 51, respectively. The buying rate at the Commercial International Bank (CIB) settled at LE 49.5, while the selling rate dipped to LE 49.6, marking a notable decline from Wednesday's rates of LE 50.3 and LE 50.4. ALEXBANK adjusted its rates to LE 49.4 for buying and LE 49.5 for selling, down from LE 50 and LE 50.10 on Wednesday. Abdallah said that Egyptian interest rates, long amongst the highest globally, would now be on a "downward track."

Source: Egypt Today March 07, 2024 13:30 UTC