The purchase price of the dollar at the Commercial International Bank (CIB) fell below 49 EGP for the first time since the decision to float the currency last Wednesday. By the end of trading today, Monday, the dollar's purchase price at CIB decreased by 15 piastres, reaching 48.95 EGP, down from 49.10 EGP in the morning. Additionally, the selling price of the dollar at CIB also dropped by 15 piastres, settling at 49.05 EGP at the end of trading today, compared to 49.20 EGP in the morning. The dollar's price rose from about 30.94 EGP on Tuesday to approximately 50 EGP last Wednesday when the Central Bank announced the return to floating the currency, before gradually declining with an abundance of foreign currency resources and a stagnant parallel market.
Dollar Purchase Price Drops Below 49 EGP for the First Time Since Floatation
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