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US dollar supply at banks increase, demand cools 

Banks operating in the local market are experiencing a US dollar supply increase while demand has cooled in recent days, according to Tamer Youssef, head of treasury at a bank operating in the domestic market. Banks have seen significant demand for the dollar during December and the first days of January because foreign companies operating …

Hossam Mounir

US dollar registers new peak, jumps to EGP 19 at HSBC

The US dollar price jumped against the Egyptian pound to register its highest level ever at the Central Bank of Egypt (CBE) and banks operating in the domestic market on Wednesday. The official price of the US dollar against the Egyptian pound, according to the CBE’s transactions on Wednesday, registered EGP 18.4507 for buying and …

Hossam Mounir

Central Bank of Egypt

CBE allows banks to direct part of US dollar-denominated proceeds to cover temporary overdrafts on customer accounts

The Central Bank of Egypt (CBE) has allowed banks working in the domestic market to direct part of their proceeds denominated in US dollars to cover customers’ temporarily overdraft accounts. According to the CBE’s instructions received by banks on Tuesday, after covering imports on essential goods banks can direct 50% of their hard cash towards …

Hossam Mounir