The US dollar exchange rate was stable at the beginning of Wednesday’s transactions at Egypt’s major banks.

The stability in the foreign exchange market was attributed to the increase of Egypt’s foreign currency reserves, the economic reform measures taken by the Central Bank of Egypt (CBE) as well as the support of the political leadership to the economic restructuring measures.

According to the CBE, the average dollar rate at the Egyptian market registered EGP 15.66 for buying and EGP 15.75 for selling.

At the National Bank of Egypt (NBE) and Banque Misr, the dollar rate remained stable, recording EGP 15.64 for buying and EGP 15.74 for selling.

The dollar rate also registered EGP 15.66 for buying and EGP 15.76 for selling at HSBC, BLOM Bank Egypt, Credit Agricole and the Commercial International Bank (CIB).

The Euro price registered EGP 17.12 for buying and EGP 17.27 for selling at the Banque Misr and the NBE.

At the CIB, the euro price was EGP 17.14 for buying and EGP 17.29 for selling.

Meanwhile, the Pound Sterling registered EGP 20.38 for buying and EGP 20.56 for selling at the Banque Misr and the NBE.

The Saudi riyal price stood at EGP 4.18 for buying and EGP 4.19 for selling.

Source: State Information Service Egypt