Egypt Independent

US Dollar exchange rate in Egypt declines further



US dollar prices slightly declined against the Egyptian pound in several banks on Sunday.

According to the last update prices released by the Central Bank of Egypt (CBE), the average of US Dollar prices reached LE17.09 for purchase and LE17.22 for sale.

The US dollar was sold at LE17.2 and bought at LE17.1 at the National Bank of Egypt, Bank Misr, al-Qahira bank, Alexandria Bank.

In the Commercial International Bank (CIB), the dollar was sold at LE17.18 and bought at LE17.08.

In al-Baraka bank, the dollar was sold at LE17.22 and bought at LE17.12.

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 A-Youm