CBE stabilizes sale price of US dollar at 8.78 pounds

The Central Bank of Egypt (CBE) stabilized the sale price of the US dollar at 8.78 pounds during an auction on Thursday.

The CBE offered 40 million dollars in the periodic auction to banks for an exchange rate of 8.78.

The banks, meanwhile, raised the value of the Egyptian pound against the US dollar by 7 piasters.

At the start of the week, the CBE devalued the Egyptian pound by 14.5% against the US dollar from 7.73 pounds to 8.85 pounds.

Today, the National Bank of Egypt (NBE), the largest governmental bank in the country, announced the exchange rate of the US dollar to be 8.83 for selling and 8.88 for buying.