The Egyptian pound continued its slow decline against the US dollar on Wednesday with a correction movement.

According to the official exchange rate of the largest state-run lenders the National Bank of Egypt (NBE) and Banque Misr, the US dollar exchange rate registered EGP 25.95 for buying and EGP 26 for selling at 12:40 pm, Cairo time.

This comes a few hours after the NBE and Banque Misr announced offering a new one-year certificate of deposit (CD) at an annual interest rate of 25%.

In October 2022, the CBE said it would adopt a more flexible exchange rate policy to back macroeconomic stability and sustainable growth, devaluing the pound by over 16% from 19.67 per dollar to 22.85 in order to absorb the economic shock triggered by the Russian-Ukrainian war.

 

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