Egypt Independent

US dollar exchange rate continues decline



The US dollar exchange rate has continued its decline in governmental and privately-owned banks, by 20 to 27 piasters (pt) on Thursday, compared to Wednesday.

The selling rate reached LE18.05, while the purchasing rate reached LE18 at the National Bank of Egypt, marking a 20-pt decline from the day before.

At Banque Misr, the selling rate reached LE18.06, compared to LE18.01 for purchase, marking a 21-pt decline on Wednesday.

The selling rate reached LE18.05 compared to LE18.27 on Wednesday at Banque du Caire, while the purchasing rate reached LE18, down from LE18.2 on Wednesday.

At the Commercial International Bank, the selling rate reached LE18.05, compared to a purchasing rate of LE 17.95, marking a 25-pt decline.

As for the Arab African International Union, the selling rate reached LE18.1, while the purchasing rate reached LE18, marking decline of 27 pt.

Egypt floated the exchange rate of the Egyptian pound against the US dollar on November 3, giving banks the chance to set the exchange rate in accordance with supply and demand.

On Sunday, the Central Bank of Egypt showed an increase in its foreign cash reserves, by LE2.1 billion in January, reaching US$26.3 billion, up from US$24.2 billion in December 2016.