Arab Finance: The Egyptian pound continued its downward trajectory against the US dollar, reaching a new record low as pressures on the local currency persist amid ongoing economic challenges.
At the Commercial International Bank Egypt (CIB), the EGP is now trading at 50.59 for buying and 50.69 for selling against the USD as of 11:22 am.
Meanwhile, at the National Bank of Egypt (NBE), the dollar rate stood at EGP 50.6 for buying and EGP 50.7 for selling by 11:18 am.
Similarly, the USD rates at Banque Misr were EGP 50.6 for buying and EGP 50.7 for selling at 11:12 am.