Arab Finance: The Egyptian pound has hit a fresh low record against the US dollar, recording EGP 45 on March 6th.
According to the exchange rates reported at the two largest state-run lenders; Banque Misr and the National Bank of Egypt (NBE), the US dollar exchange rate registered EGP 45.25 for buying and EGP 45.35 for selling, 10:53 am Cairo time.
Earlier in the day, the Central Bank of Egypt’s (CBE) Monetary Policy Committee (MPC) increased the interest rates by 600 basis points (bps) at its special meeting.