Egyptian banks start trading currency on Sunday without central bank restrictions for the first time after policy makers decided to float the pound to attract investments and ease the nation's dollar crunch. The decision to abandon currency controls comes as Egypt seeks to secure a $12 billion loan from the International Monetary Fund, an accord that officials say will help restore investor confidence in an economy battered by years of turmoil. The central bank said on Thursday it expects short-term volatility in the exchange rate. The pound tumbled 45 percent against the dollar, before paring losses during the weekend. The market is currently undergoing a phase of price discovery, and the central bank said it would not to intervene during that initial phase. The table below demonstrates the selling and buying prices of dollar against the Egyptian pound according to data compiled by Amwal Al Ghad on Sunday. Bank Buying Price Selling Price National Bank of Egypt (NBE) 15.5 16 Banque Misr 15.5 16 Banque du Caire 15.25 15.75 Commercial International Bank (CIB) 15.7 16.3 Crédit Agricole Egypt 15.5 16 Housing and Development Bank (HDB) 15.25 16.10 Faisal Islamic Bank of Egypt 15.5 16 Al Baraka Bank Egypt 15.56 15.99 Al Ahli Bank of Kuwait-Egypt 15.55 16 Suez Canal Bank 15.75 16 BLOM Bank Egypt 15.55 15.99 Misr Iran Development Bank (MIDB) 15.25 16 AlexBank 15.5 16.5 Export Development Bank of Egypt (EDBE) 15.5 16 Egyptian Gulf Bank (EGB) 15.5 16.25 Arab African International Bank )AAIB( 15.75 15.95
