Egyptian pound drops near 18 against U.S. dollar in interbank trade

The Egyptian pound further dropped to 18 to the U.S. dollar during interbank dealings on Monday as banks scrambled to meet a surge in demand for dollars.
The pound was quoted at 18 for buying to the dollar at the state agricultural lender, the Egyptian Agricultural Bank, previously known as the Principal Bank for Development and Agricultural Credit (PBDAC).
Egypt floated the pound on Nov. 3 and raised interest rates by 300 basis points in a dramatic move welcomed by businesses as the key to unlocking investment.
It devalued the currency by about a third from the former peg of 8.8 against the dollar and allowed it to drift lower.
The table below demonstrates the selling and buying prices of dollar against the Egyptian pound in 17 banks, according to data compiled by Amwal Al Ghad.
Bank
Buying Price
Selling Price
Al Ahli Bank of Kuwait-Egypt
17.45
17.85
Banque du Caire
17.45
17.85
Commercial International Bank (CIB)
17.45
17.85
Arab African International Bank (AAIB)
17.44
17.74
Banque Misr
17.42
17.72
AlexBank
17.42
17.8
Al Baraka Bank Egypt
17.41
17.8
Abu Dhabi Islamic Bank (ADIB)
17.4
17.95
National Bank of Egypt (NBE)
17.4
17.7
Misr Iran Development Bank (MIDB)
17.4
17.8
Suez Canal Bank
17.4
17.8
Crédit Agricole Egypt
17.4
17.9
Societe Arabe Internationale de Banque (SAIB-Bank)
17.3
17.85
Housing and Development Bank (HDB)
17.25
17.8
Egyptian Gulf Bank (EGB)
17.25
17.95
BLOM Bank Egypt
17.25
17.75
Egyptian Agricultural Bank (Principal Bank for Development and Agricultural Credit)
17.25
18.0