At the Egyptian Gulf Bank, the dollar price was traded at EGP 23.10 for buying and EGP 23.20 for selling. At the National Bank of Egypt, the dollar price recorded EGP 22.85 for buying and 22.95 for selling. At Banque Misr and the Commercial International Bank (CIB), the dollar price registered EGP 22.90 for buying and 23.00 for selling. The dollar exchange rate stood at EGP 22.85 for buying and EGP 22.95 for selling at the Arab African International Bank (AAIB). The double-digit decline in the Egyptian pound started shortly after the Central Bank of Egypt (CBE) announced it was adopting a more flexible exchange-rate regime as one of a host of new monetary policies. Among its decisions on Thursday, the CBE raised the key interest rates in an unscheduled meeting by two percent (200 bps) and said it would phase out letters of credit (LCs) for import finance by December of this year. Two days earlier, the Governor of the Central bank of Egypt Hassan Abdalla said the bank was working on setting an index for the Egyptian pound that will be linked to a basket of gold and other currencies besides the US dollar.