The British pound's exchange rate against the Egyptian pound
also rose in the informal market by EGP 0.
MP Mohamed Ahmed El-Zeny, head of the interim industry and energy special committee at the House of Representatives, said Egypt should close the exchange companies so as to eliminate the phenomenon of speculation on the Egyptian pound
in some Arab cities, especially in Dubai, the UAE and Amman, Jordan.
There are benefits to the high interest rate policy in Egypt, including the incentive for foreign investors to keep capital in Egypt, as well as improving the yield on offer for the Egyptian pound
The Central Bank of Egypt (CBE) had liberated the Egyptian pound
exchange rate early November, scoring EGP 13 against the American dollar during the first day of liberation rather than EGP 8.
The Central Bank of Egypt (CBE) made the decision on 3 November to float the Egyptian pound
and liberalise the exchange rate, leaving banks to set their own prices through inter bank mechanisms.
Kuwait-based National Bank of Kuwait has said that its profits in Egypt would help it overcome a fall in the value of the Egyptian pound
While the official exchange rate is close to Egyptian pound
Abu Dhabi: Majid Al Futtaim, a Dubai-based retail operator, is set to increase its total investments in Egypt from 18 billion Egyptian pounds
For example, Umrah performers from Egypt must pay the cost of Umrah in Egyptian pounds
His unique exhibition comprises paintings on wood, 201 x 202 cm, depicting the Egyptian Pound
Egypt's Trade Ministry said on Monday it has doubled export duties on rice to 2,000 Egyptian pounds
($358) per tonne.
In addition, the central bank appears to be easing its rigid exchange rate stance, as the Egyptian pound
has slightly declined against the dollar to about [pound]E3.