The price of the euro varied today in Egypt once morest the Egyptian pound, Monday, February 14, 2022, in the transactions of the Central Bank and commercial banks.
The price of the euro today in Egypt
The average price of the European euro decreased, according to the Central Bank of Egypt website, to record 17.77 pounds for purchase, and 17.89 pounds for sale.
In the National Bank of Egypt, the largest government bank, the price of the euro stabilized at 17.72 pounds for purchase, and 17.99 pounds for sale.
The same rates were repeated for the euro at Banque Misr, the second largest state bank in the country.
At the Commercial International Bank, the largest private bank in Egypt, the price of the euro fell to record 17.74 pounds for purchase, and 18.01 pounds for sale.
The price of the dollar and sterling today in Egypt
The average price of the dollar, according to the data of the Central Bank of Egypt, reached 15.66 pounds for purchase, and 15.75 pounds for sale.
In the National Bank of Egypt, the largest government bank, the price of the dollar stabilized at 15.64 pounds for purchase, and 15.74 pounds for sale.
The same price was repeated in Banque Misr, the second largest government bank.
The price of the dollar at the Commercial International Bank settled at 15.66 pounds for purchase, and 15.76 pounds for sale.
The price of the pound sterling in the banking market, according to the Central Bank of Egypt, settled at 21.25 pounds for purchase, and 21.39 pounds for sale.
The price of the pound sterling fell in the banking market, according to the Central Bank of Egypt, at 21.23 pounds for purchase, and 21.37 pounds for sale.
The prices of the riyal, dirham and dinar today in Egypt
The average price of the Saudi riyal, according to the Central Bank of Egypt’s website, settled at the level of 4.17 pounds for purchase, and 4.20 pounds for sale.
At the National Bank of Egypt (the largest government bank in Egypt), the price of the Saudi riyal settled at 4.18 pounds for purchase, and 4.19 pounds for sale.
The same price was repeated in Banque Misr, the second largest government bank.
In the Commercial International Bank, the largest private bank, the price of the Saudi riyal settled at 4.17 pounds for purchase, and 4.20 pounds for sale.
The average price of the UAE dirham remained stable at 4.26 pounds for purchase, and 4.29 pounds for sale.
The average price of the Kuwaiti dinar decreased, according to the Central Bank of Egypt website, to record regarding 51.74 pounds for purchase, and 52.20 pounds for sale.
Interest rates in Egypt
According to Bloomberg News Agency data, the annual inflation rate in Egypt rose last month to its highest level since August 2019. Despite the rise in inflation, the rate is still within the central bank’s target range.
Bloomberg quoted Radwa Al-Swaify, head of research at the National Investment Bank, Pharos, as saying that in light of the high domestic inflation rate, and monetary policy developments abroad, the central bank may need to return to increase interest rates by 100 basis points (1%) sometime during the second quarter. Or the third of 2022.
Al-Swaify added that the increase in food and beverage prices locally comes as a result of the rise in commodity prices globally and the high costs of raw materials, and that most of the producers’ stocks of raw materials purchased at low prices began to run out during the last quarter of 2021.
The Central Bank is following the inflation rate, as it aims to have the rate between 5 and 9% by the last quarter of this year.
At the last meeting of the Bank’s Monetary Policy Committee on February 3, the committee said that global financial conditions “remain broadly accommodative, but we expect these conditions to tighten in the medium term, as monetary policy is expected to normalize faster than previous expectations.”
