US dollar records stable rates Thursday

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)

The US dollar maintained prices in exchange for the Egyptian Pound in the banking sector on Thursday.

According to the last price updates, the price for a US dollar recorded LE 17.70 for purchase and LE 17.80 for sale in the National Bank of Egypt (NBE) and LE 17.69 for purchase and LE 17.79 for sale in the the Commercial International bank (CIB).

The US dollar price stood at LE 17.68 for purchase and LE 17.78 for sale in Bank Misr, and LE17.67 for purchase and LE17.77 for sale in Bank al-Qāhirah .

The price declined by two piasters in al-Baraka bank and Arab African International Bank (AAIB), to record LE17.69 for purchase and LE17.79 for sale and LE17.71 for purchase and LE17.81 for sale, respectively.

Meanwhile, the Saudi Riyal (SR) settled at LE 4.71 for purchase and LE 4.74 for sale in the National Bank of Egypt (NBE)

Edited Translation from Al-Masry Al-Youm