Egyptian pound depreciates against Euro, highest rate at EGP 33.19 for buying

The Egyptian pound slide against the Euro to a new record low at major Egyptian banks to trade at EGP 33.04 for buying and EGP 33.19 for selling at the National Bank of Egypt a day after International Monetary Press Release on Egypt request for extended arrangement under the extended fund facility-; and staff report.

The lowest rate for Euro was recorded in the Blom Bank at EGP 29.80 at Wednesday’s transactions.

The rate of the Euro against the Egyptian pound in Abu Dhabi Commercial Bank was recorded at EGP 32.61 for selling and EGP 32.81 for buying.

The rate of the euro in the Suez Canal Bank reached EGP 32.07 for buying and EGP 32.27 for selling during today's trading.

The dramatic sliding came following the International Monetary Fund's (IMF) release of its staff report on Egypt’s new loan programme on Tuesday that included the government’s commitments over the coming four years, including on the exchange rate