US Dollar exchange rate in Egypt declines further

US dollar prices slightly declined against the Egyptian pound in several banks on Sunday. The US currency saw an average two-piaster decline in Egypt’s banks.

Dollar prices have decreased by LE1.12 since January 2019, the Central Bank of Egypt (CBE) said.

In Banque Misr and the National Bank of Egypt, the US dollar declined by 2 piasters, sold at LE16.85 and bought at LE16.75.

In the Commercial International Bank, the US dollar declined by 4 piasters, sold at LE16.80 and bought at LE16.70.

In the Arab African International Bank, the US dollar declined by 3 piasters, sold at LE16.83 and bought at LE16.73.

In the National Bank of Greece, the US dollar was sold at LE16.81 and bought at LE16.71.

Egypt devalued its currency by 48 percent in 2016, allowing it to float freely in order to meet a key demand by the IMF and secure a three-year US$12 billion loan.

Edited translation from Al-Masry Al-Youm

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