CAIRO, Dec 26 (Aswar Masriya) - Egyptian pound steadied at around 19 per dollar in most banks on Monday after approaching 20 to dollar last week.

The dollar remained unchanged compared to the rates on Sunday. It was sold at the Al Ahli Bank, Banque du Caire and Banque Misr at EGP 18.85, while it was bought at EGP 18.65 in all three banks. 

The dollar was traded at 19.75 EGP at Faisal Islamic Bank, while it was sold at EGP 19.40 and EGP 19.30 at Abu Dhabi Islamic Bank and Housing & Development Bank, respectively.

Abu Dhabi Islamic Bank had the highest buying rate among 12 banks monitored by Aswat Masriya as it had the dollar bought at EGP 18.99.

Egypt's President Abdel Fatah al-Sisi said earlier in December that the pound was not valued fairly against the dollar, saying that it would strengthen over coming months.

"But for the equilibrium we are talking about to be reached we need some months," Sisi said.

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.

Egypt's dollar peg had drained the central bank's foreign reserves, which have been hit by reduced foreign investment following political turmoil in the past few years, forcing the bank to impose capital controls and ration dollars.