Egypt Independent

US dollar exchange rate continues decline in Egypt



US dollar prices have slightly declined against the Egyptian pound by an average of two piasters in several banks on Sunday.

The US dollar was sold at LE17.23 and bought at LE17.13 at the National Bank of Egypt, Banque Misr, the Arab African International Bank, and Housing and Development Bank, losing two piasters.

The Commercial International Bank (CIB) sold the dollar at LE17.2 and bought it at LE17.2, losing 13 piasters.

In Alexandria Bank, the dollar was sold at LE17.22 for selling and bought at LE17.12, losing two piasters.

The US dollar declined by one piaster in Suez Canal Bank to LE17.23 for buying and LE17.13 for selling.

The US dollar price settled in Abu Dhabi Islamic Bank (ADIB) at a rate of LE17.25 for selling and LE17.17 for buying, and in Crédit Agricole at LE17.24 for selling and LE17.14 for buying.

Egypt devalued its currency by 48 percent in 2016, allowing it to float freely, in order to meet a key demand by the IMF and secure a three-year $12 billion loan.

Edited translation from Al-Masry Al-Youm