Rédaction Africa Links 24 with MENA
Published on 2024-04-17 10:13:24
The dollar exchange rate remained steady at the beginning of Tuesday’s trading session at Egypt’s major banks. At the National Bank of Egypt (NBE) and Banque Misr, the dollar rate was reported at LE48.30 for buying and LE48.40 for selling. Similarly, at the Commercial International Bank (CIB), the dollar exchange rate was also LE48.30 for buying and LE48.40 for selling. As per the Central Bank of Egypt (CBE), the average dollar rate was LE48.30 for buying and LE48.40 for selling.
In addition to the dollar, the euro price was also monitored at the NBE and CIB. At NBE, the euro price was recorded at LE51.21 for buying and LE51.41 for selling, while at CIB, the euro price stood at LE51.21 for buying and LE51.45 for selling. The pound sterling was another currency that was being traded at both NBE and CIB. At NBE, the pound sterling registered at LE59.93 for buying and LE60.25 for selling, and at CIB, it was the same at LE59.93 for buying and LE60.25 for selling.
Furthermore, the Saudi riyal price was also observed at the NBE, where it was at LE12.87 for buying and LE12.90 for selling.
The stability in the exchange rates at the major banks indicates a sense of consistency in the foreign exchange market. These rates are crucial for businesses and individuals engaged in international trade or traveling to keep track of, as they impact the cost of goods and services. The dollar, being a widely used currency in global trade, holds significant importance, and any fluctuations in its exchange rate can have wide-reaching effects.
For investors and traders, these exchange rates provide valuable information for decision-making in terms of buying, selling, or holding foreign currencies. Understanding the exchange rates and how they fluctuate can help businesses mitigate risks associated with currency exposure and optimize their international transactions.
The Central Bank of Egypt plays a key role in stabilizing the currency market by monitoring and regulating the exchange rates. By providing average rates for buying and selling foreign currencies, the CBE helps ensure transparency and fairness in the market.
Overall, the stability in the exchange rates at Egypt’s major banks reflects a sense of confidence in the currency market and the economy as a whole. It provides a favorable environment for businesses, investors, and individuals to engage in foreign exchange transactions with certainty and stability.
Read Original article on Egypt Independent
