This is the largest single-day fall since the CBE adopted its "durably flexible exchange rate regime” in late October
The Egyptian pound fell around 6% against the US dollar earlier today, only a few hours after the National Bank of Egypt (NBE) and Banque Misr announced they would offer new one-year maturity saving certificates with a 25% yield, the highest yield on record.
The EGP plummeted against the USD earlier today, falling to 26.4 from 24.78 recorded at the end of yesterday’s trading. (As of 5.50 PM CT)
This is the largest single-day fall since the CBE adopted its "durably flexible exchange rate regime” in late October which saw the EGP weaken against the USD by 14.5%. The CBE currently registered EGP 26.36 for purchasing and EGP 26.48 for selling.
At both the NBE and Banque Misr, the US dollar price registered EGP 26.25 for purchasing and EGP 26.3 for selling.
At the Commercial International Bank, the dollar traded at EGP 26.3 for purchasing and EGP 26.4 for selling.
The stock exchange jumped into the trillion mark with 3 out of 4 indices seeing significant climbs during end of day trading after a substantial fall across all four at around 11 AM.
The local market is widely anticipating another floatation of the pound – the third in less than a year – as part of a set of measures to obtain a loan from the International Monetary Fund.
