Egypt Independent

US dollar prices decline in Egyptian banks



US dollar exchange rates declined against the Egyptian Pound on Thursday in bank dealings following decreases in the dollar’s value in Egypt by more than LE1.45 since January.

According to price updates, the dollar value declined by three piasters, recording LE16.27 for purchase and LE16.37 for selling in the National Bank of Egypt (NBE) and Bank Misr.

In the Central Bank of Egypt (CBE), the dollar value declined by two piasters, recording LE16.24 for purchase and 16.34 for selling.

In the Arab African International bank (AAIB), the dollar value declined by three piasters, recording LE16.25 for purchase and LE16.35 for selling.

In the National Bank of Greece (NBG), the dollar value declined by one piaster, recording  LE16.28 for purchase and LE16.35 for selling.

The prices of the dollar against the Egyptian pound declined due to the government’s protection of the domestic industry by restricting the import of luxury goods. These protections contribute to the creation of real and fair competition between domestic and imported goods and provide more jobs.

Egypt devalued its currency by 48 percent in 2016, allowing the Egyptian pound to float freely in order to meet a key demand from the International Monetary Fund (IMF) and secure a three-year $12 billion loan.

Edited translation from Al-Masry Al-Youm