Dollar selling price reaches LE6.42 in banks, exchange bureaus

The dollar continued to rise against the Egyptian pound during trading on Monday in banks and exchange bureaus, despite the assurances announced by President Mohamed Morsy that the exchange market will stabilize within a few days.

Banking sources said that the selling price average of the dollar in banks reached LE6.423, the highest level in its history in the official market, while the average purchase price reached LE6.35.

An amount of two percent is added on to the banks' sale price of dollar for sales to individuals and for non-commercial purposes, sources explained.

The sources noted that the dollar also continued to rise on Monday at currency exchanges, which were averaging a selling price for the pound of LE6.45 per dollar and were offering LE6.4 per dollar to change US currency into pounds.

The pound sterling also continued to rise in banks against the Egyptian pound to reach LE10.46 for selling and LE10.22 for buying, while the selling price of the euro rose to LE 8.56 for selling and LE 8.33 for buying.

Edited translation from MENA

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