Dollar Drops against Egyptian Pound to 49.63
Taarek Refaat
The dollar exchange rate against the Egyptian pound witnessed new changes in trading on Sunday, according to the Central Bank of Egypt.
The exchange rate continued to fluctuate between rises and falls in recent days, particularly after the CBE's recent decision to cut interest rates for the second time in a row, bringing the rate down by 3.25% since April 17.
The dollar exchange rate declined in several banks on the first day after the weekend of Friday and Saturday.
At the central bank, the dollar recorded approximately EGP 49.63 to buy and 49.76 to sell.
On the other hand, the Central Bank of Egypt is scheduled to hold its fourth Monetary Policy Committee meeting of the year on July 10, to discuss interest rates based on several criteria, such as inflation, the strength of the Egyptian pound against other currencies, and other factors.
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