US dollar exchange rate declines

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)

Banks operating in the Egyptian market ended their weekly trade, recording a decline in the dollar exchange rate compared to the Egyptian pound by up to four piasters.

In Banque du Caire, the dollar price recorded LE17.67 for purchase, and LE17.77 for sale, and LE17.69 for purchase and LE17.79 for sale at the National Bank of Egypt.

In the Bank of Alexandria, the Commercial International Bank, Banque Misr, and Abu Dhabi Islamic Bank, the dollar price recorded LE17.68 for purchase, and LE17.78 for sale.

The Saudi Riyal meanwhile recorded LE4.68 for purchase, and LE4.74 for sale at the Bank of Alexandria on Friday. At Cairo International Commercial Bank, Banque du Caire, and ADIB, the dollar recorded LE4.69 for purchase, and LE4.74 for sale.

Edited Translation from Al-Masry Al-Youm