US dollar exchange rate against Egyptian pound at Egypt's major banks

The Egyptian pound dropped again against the dollar on the black market on 21 July 2016, extending its recent decline despite central bank efforts to close the gap between demand and supply in the dollar-starved economy. Egypt, which relies heavily on imports, is facing a shortage in foreign currency inflows after a 2011 uprising drove tourists and foreign investors away, causing the country's reserves to tumble to $16.56 billion from $36 billion. A black market for dollars has sucked up liquidity from the banking system while the central bank kept the pound artificially strong and rationed dollars through weekly auctions, putting a strain on foreign reserves. (Photo by Fayed El-Geziry /NurPhoto via Getty Images)

The Egyptian pound held steady against the US dollar on Friday, maintaining its recent upward trend in local banks, according to the latest official data.

The Central Bank of Egypt (CBE) fixed the dollar exchange rate at LE49.24 for buying and LE49.34 for selling, reflecting a period of relative stability after the fluctuations witnessed in recent days.

This rate serves as a benchmark for other banks to determine their daily exchange rates.

The National Bank of Egypt, Bank of Egypt, Cairo Bank, and Al Baraka Bank were all trading the dollar within a narrow range, with buying rates hovering around LE49.22 and selling rates slightly above LE49.32.

The Suez Canal Bank, Crédit Agricole Egypt, Bank of Alexandria, Housing and Development Bank, and Abu Dhabi Islamic Bank have also maintained relatively stable dollar exchange rates on Friday.

These banks reported buying rates ranging from LE49.25 to LE49.28 and selling rates between LE49.35 and LE49.37.