Dollar rate stable at trading of major Egyptian banks

The US dollar's exchange rate has stabilized on Sunday to score EGP 15.50 pounds to buy and 15.75 pounds to sell sale at some main banks three days after the Central Bank of Egypt (CBE) floated the Egyptian pound.

The dollar's exchange rate in some state-run and private banks, namely National Bank of Egypt (NBE), Banque Misr, Banque Du Cairo, and the CIB ranged from EGP 15.50 to buy and EGP 15.75 to sell. 

CBE Governor Tareq Amer announced Thursday that there will not be any restrictions on dollar transfers to and from Egypt, asserting that the decision to liberalize the exchange rate was necessary.

The CBE explained that the decision to float the pound is part of a larger program for financial and structural reform announced by the Egyptian government over the past few months.

CBE also said all banks will be free to determine the dollar's exchange rate as of Sunday.