Egypt Independent

US dollar stabilizes against Egyptian pound exchange rates



The US dollar maintained its prices against the Egyptian pound’s exchange rates on Monday, recording LE16.11 for purchase and LE16.24 for sale at the Central Bank of Egypt.

Dollar exchange rates at the National Bank of Egypt and Bank Misr settled at LE16.11 for purchase and LE16.21 for sale.

The dollar recorded LE16.12 for purchase and LE16.22 for sale at the Bank of Alexandria, and the Arab Bank.

And the dollar settled at LE16.13 for purchase and LE16.23 for sale at al-Qahira Bank, the Credit Agricole bank, al-Barka Bank, the Housing and Development Bank, the United Bank of Egypt, the Arab African International Bank, the Abu Dhabi Islamic Bank, the Ahli Bank of Kuwait, the Commercial International Bank, the BLOM Bank, the Audi Bank, the Suez Canal Bank, and HSBC.

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 and secure a three-year US$12 billion loan from the fund.

Egypt’s currency has increased in value in the years since, but has failed to return to its previous value.

Edited translation from Al-Masry Al-Youm