Egypt Independent

US dollar maintains stable rates against Egyptian pound 



The US dollar maintained stable rates against the Egyptian pound on Sunday morning, with an average exchange rate of LE17.

The US dollar exchange rate declined by roughly 89 piasters since the beginning of this year, according to the Central Bank of Egypt.

In the National Bank of Egypt, Banque Misr, the National Bank of Greece, the Arab African International Bank, and the Commercial International Bank, the US dollar sold at LE17.09 and was bought at LE16.99.

At the Egyptian Gulf Bank, the Egyptian Arab Land Bank and the Housing and Development Bank, the US dollar was sold at LE17.10 and bought at LE17.

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 US$12 billion loan.

Edited translation from Al-Masry Al-Youm