Egypt Independent

US dollar exchange rate down by 2 piasters against Egyptian pound



The US dollar exchange rate made a new decline against the Egyptian pound on Monday, falling 2 piasters at Banque Misr and the National Bank of Egypt.

The US dollar exchange rate has decreased by about 25 piasters this January as a result of foreign invvestment in government debt instruments, which reports indicated exceeded two billion dollars since the beginning of January.

In December, the exchange rate fell below the LE16 mark for the first time in three years.

At Banque Misr and the National Bank of Egypt, the US dollar is being sold at LE15.85 and bought at LE15.75.

At Emirates NBD Bank, Credit Agricole Egypt, Commercial International Bank, Bank of Alexandria, and Ahli United Bank the dollar is being sold at LE15.83 and bought at LE15.73.

Meanwhile, at HSBC and the Export Development Bank of Egypt, the US dollar is being sold at LE15.84 and bought at LE15.74, and at Abu Dhabi Islamic Bank, the dollar is being sold at LE15.86 and purchased at LE15.77

Former vice president of the BLOM Egypt Bank Tarik Metwally said previously that he expected the dollar decline trend to continue in light of efforts to improve the deficit in trade balance, the increase in foreign exchange earnings from tourism, foreign investment in treasury bills, and remittances of Egyptians abroad.

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 from the fund. The Egyptian pound was formerly pegged at LE8.8 against the US dollar.