Egyptian Pound Settles at 52.36 for Buying in Five Major Banks

The average rate of the Egyptian pound against the dollar settled at 52.36 pounds for buying and 52.46 pounds for selling, according to pricing at five major banks in morning trading as of 11:32 AM Cairo time, or 08:32 GMT.

National Bank of Egypt recorded 52.36 pounds for buying and 52.46 for selling, Banque Misr recorded 52.35 and 52.45, Commercial International Bank recorded 52.34 and 52.44, QNB Alahli recorded 52.35 and 52.45, and Abu Dhabi Islamic Bank recorded 52.38 and 52.48.

The convergence of prices among the five banks indicates an absence of sharp selling or buying pressures at the start of the session, and the spread between buying and selling prices remained narrow at ten piasters at most banks.

The pound has been moving within a narrow range against the dollar in recent weeks, giving importers greater clarity in pricing their costs and reducing risks on remittances from Egyptians abroad when delivered in pounds.

What do these terms mean?

Buying price: The price at which the bank buys dollars from the customer, usually the lower price.

Selling price: The price at which the bank sells dollars to the customer, which is higher because the bank adds a profit margin.

Price spread: The difference between buying and selling prices, and the narrower it is, the more it indicates market stability and low volatility.

Exchange rate: The rate of exchanging one currency for another, which is determined in Egypt through banks based on supply and demand.