Egypt Independent

US dollar to Egyptian pound exchange rates show slight increase in favor of dollar



US dollar to Egyptian pound exchange rates increased by two piasters in favor of the dollar on Thursday, continuing a rise that began on the start of June.

The exchange rate for US dollars at the Central Bank of Egypt was set at LE16.13 for purchase and LE16.23 for sale, compared to LE16.11 for purchase and LE16.24 for sale on Wednesday.

Dollar exchange rates at the National Bank of Egypt, Bank Misr, and Alexandria Bank recorded LE16.12 for purchase and LE16.22 for sale.

The dollar exchange rate increased to LE16.14 for purchase and LE16.24 for sale at the Arab African International Bank, the National Bank of Kuwait, and Abu Dhabi Islamic Bank.

Meanwhile, the dollar settled at LE16.13 for purchase and LE16.23 for sale in the Commercial International Bank (CIB), the United Bank, HSBC, and Housing and Development Bank.

The dollar reached LE16.15 for purchase and LE16.25 for sale in the al-Baraka Bank and Credit Agricole.

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

Edited translation from Al-Masry Al-Youm