Egypt Independent

US Dollar exchange rates decrease against Egyptian Pound

Exchange rates between the US dollar and the Egyptian pound decreased on Wednesday, following a week-long rise in the value of the dollar.

The exchange rate for US dollars at the Central Bank of Egypt on Wednesday was LE16.14 for purchase and LE16.25 for sale.

Dollar exchange rates at the National Bank of Egypt, Bank Misr, and Alexandria Bank decreased by four piasters, arriving at LE16.12 for purchase and LE16.22 for sale.

The exchange rate fell by one piaster at the Arab African International Bank, the National Bank of Kuwait and at Abu Dhabi Islamic Bank, settling at LE16.14 for purchase and LE16.24 for sale.

The dollar exchange rate stood at LE16.13 for purchase and LE16.23 for sale at the Commercial International Bank (CIB), the United Bank, and the Housing and Development Bank.

Meanwhile, the dollar stood at LE16.15 for purchase and LE16.25 for sale in Al-Baraka Bank and Credit Agricole.

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

The pound has steadily gained in value in the years since, but has not reached anywhere close to its pre-2016 value.

Edited translation from Al-Masry Al-Youm