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)
US dollar exchange rate was stable against the Egyptian pound at the beginning of Saturday morning trading.
The prices hovered above the point set by the Central Bank of Egypt, LE17.709 for sale and LE17.609 for buying.
The National Bank of Egypt (NBE) set dollar prices at LE17.73 for selling, and buying at LE17.63 for buying.
The Commercial International Bank (CIB) sold the US dollar at LE17.71, and buying at LE17.61. Banque du Caire had the dollar at LE17.70 for sale, and buying at LE17.60.
Bank of Alexandria had sale prices set the at LE17.70, and buying at LE17.60. Banque Misr had the the US dollar at LE17.71 for sale, and buying at LE17.61.
