US dollar price hits LE16.99

US dollar prices continued to decline against the Egyptian pound in several banks on Thursday, hitting LE16.99 for purchase and LE17.09 for sale.

The price of the dollar has declined by 87 piasters since the start of 2019, supported by foreign currency flows from various sources.

The price of the dollar decreased in several Egyptian banks on Thursday, namely the National Bank of Egypt, the Commercial International Bank, Qatar National Bank, Banque Misr, Banque du Caire, the Arab African International Bank, Al Ahli Bank of Kuwait, Emirates NBD, and Audi Bank.

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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