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Egypt floated the pound on Nov. 3 in a dramatic move welcomed by businesses as the key to unlocking investment. (File photo)
November 15, 2016 - 09:00 GMT
Monday's stronger pound rate is in line with reports that importers of strategic goods are increasingly able to source their dollar needs from banks.
The central bank said the move aims to regain foreign currency exchange within the banking sector and ending the disturbance in the currency market. (File photo)
November 03, 2016 - 14:03 GMT
After much speculation, Egypt's Central Bank has floated the pound and hiked interest rates by 300 basis points for 'one night only' to rebalance currency markets.
Egypt's black market is now seeing uncertainty, forcing traders to temporarily abstain from selling or buying dollars. (Shutterstock)
November 03, 2016 - 10:00 GMT
The dollar’s rate has been significantly declining over the past two days, as the Egyptian government ramps up efforts to eradicate the black market.
The CBE announced on Monday that its foreign exchange reserves increased to $19.6bn in September, compared to $16.6bn in August. (File photo)
October 05, 2016 - 08:17 GMT
Ending rife speculation over whether the CBE would float the exchange rate or reduce the value of the Egyptian pound against the dollar at a high rate, the CBE opted to fix the US dollar exchange rate in its regular auction.
Pilgrims circling the Kaaba, Islam's holiest shrine, at the Grand Mosque in Saudi Arabia's holy city of Mecca, on September 6, 2016.  (AFP/Ahmad Gharabli)
September 08, 2016 - 05:16 GMT
As Eid Al-Adha approaches, Saudi Arabia's flourishing exchange market is witnessing a high demand on the dollar and lower demand for the euro.
The Central Bank of Egypt officially allows exchange offices to sell the US dollar with a 15 piaster difference above or below the official selling price. (File photo)
August 15, 2016 - 14:00 GMT
A new banking law sets fines between EGP 1m-5m and prison terms between six months and three years for exchange companies selling the US dollar at a higher rate than the CBE.
The riyal’s exchange rate  is currently at 3.75 against the U.S. dollar according to the Central Bank's website. (File photo)
August 14, 2016 - 07:00 GMT
Saudi Arabia’s Central Bank Governor shoots down speculation over the riyal, saying that it had “sufficient tools” to support its fixed exchange rate policy.