US Dollar Surpasses 56 Pounds in Egyptian Banks
The US dollar surpassed 56 EGP in Egyptian banks, with the Central Bank recording a record rate of 55.89 EGP, amid supply commissions imposed by banks on importers.
The US dollar exchange rate surpassed 56 EGP in Egyptian banks, as Banque Misr recorded 56.12 EGP for buying and 56.22 EGP for selling by 1:35 PM on Wednesday, according to Arab Finance.
The National Bank of Egypt and Commercial International Bank recorded 56.11 EGP for buying and 56.21 EGP for selling, while the rate at The United Bank reached 56.25 EGP for buying and 56.35 EGP for selling.
The pound had crossed 55 EGP for the first time last week, before surpassing 56 EGP this week, as the Central Bank's rate reached a record high of 55.89 EGP.
Banks impose supply commissions on importers ranging between 0.1% and 0.25%, an additional cost added to the import bill along with the rising dollar price.
What Do These Terms Mean?
Buying and Selling Rates: The two prices at which the bank purchases dollars from customers and sells to them.
Supply Commission: A small percentage added by the bank when providing foreign currency to importers.
Exchange Rate: The value of one currency relative to another, determined by market supply and demand.
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