US dollar exchange rate unchanged at EGP 7.83

The exchange rate of the US dollar remained unchanged Thursday against the Egyptian pound traded on the official market, thanks to the measures adopted by the Central Bank of Egypt (CBE) to wipe out the black market.

The buying price of the US dollar stood at 7.78 pounds, while the selling price reached 7.83 pounds. (MENA)

The decreased value of the Egyptian pound started in the second half of January when the Central Bank of Egypt devalued the US dollar value to EGP 7.19 in an auction.

The move was meant to boost investments by motivating the appetite of Arab and foreign investors.