Dollar rate down after IMF approved dlrs12 billion loan to Egypt

The US dollar exchange rate at Egyptian banks plummeted down during Saturday's early tradings.

The drop comes only one day after the International Monetary Fund (IMF) ’s executive board approved Egypt’s request for a dlrs12 billion loan which is meant to support Egypt's economic reform program that was recently adopted by Egyptian authorities.

The dollar exchange rate at the National Bank of Egypt (NBE) stood on Saturday at EGP 15.9 buy price and EGP 16.05 sell price. 

At Banque Misr, the dollar exchange rate registered at 15.09 buy price and 16.02 sell price.

At Banque Du Caire, the dollar exchange rate registered at 15.75 buy price and 16.25 sell price.

At the CIB, the dollar exchange rate stood at EGP 15.90 buy price and EGP 16.05 sell price.

On Friday, the dollar exchange rate stood at EGP 16 to 15.95 buy price and 16.02 to 16.45 sell price at the the aforementioned banks. 

The IMF board, in a statement Friday, said it would release the first tranche of the loan estimated at dlrs 2.75 billion to Egypt immediately, while the remaining tranches' payment will depend on the country's economic performance and implementation of reforms.