Egypt Independent

US dollar to Egyptian pound exchange rates show slight increase



US dollar to Egyptian pound exchange rates in some financial institutions rose slightly on Wednesday in favor of the dollar.

The price of the dollar rose by one piaster on Wednesday at the Central Bank of Egypt, reaching LE16.12 for purchase and LE16.24 for sale.

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

At Al-Qahira bank, dollar exchange rates increased by two piasters, reaching LE16.13 for purchase, and LE16.23 for sale.

Dollar exchange rates increased by one piaster at Alexandria bank, recording LE16.12 for purchase, and LE16.22 for sale.

Rates stood at LE16.13 for purchase and LE16.23 for sale at the Arab African International Bank, the National Bank of Kuwait, the Commercial International Bank, BLOM Bank, Audi Bank, the Suez Canal Bank, HSBC bank, Credit Agricole, Al-Baraka bank, the Housing and Development bank, the United Bank of Egypt and Abu Dhabi Islamic Bank.

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