Egypt Independent

US dollar to Egyptian pound exchange rates decline by one piaster



US dollar to Egyptian pound exchange rates declined by one piaster in the Central Bank of Egypt on Tuesday, recording LE15.91 for purchase and LE16.04 for sale.

The dollar settled at LE15.91 for purchase and LE16.01 for sale at the National Bank of Egypt, Bank Misr, Bank al-Qahera, Alex Bank and the Commercial International Bank (CIB).

Dollar prices hit LE15.93 for purchase and LE16.03 for sale at the Abu Dhabi Islamic Bank, the National Bank of Kuwait, the Arab African International Bank (AAIB), Credit Agricole, Bloom Bank, the HSBC Bank, and the Egyptian Gulf Bank.

The dollar exchange rate dropped by two piasters at the House and Development Bank, Audi Bank, and Suez Canal Bank, recording LE15.91 for purchase and LE16.01 for sale

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.