Egypt Independent

US dollar rates decline against Egyptian pound



US dollar exchange rates declined against the Egyptian pound on Tuesday morning compared to Sunday’s prices, at an average of two piasters.

The US dollar exchange rate decreased by two piasters in the Suez Canal Bank compared to Sunday’s prices, sold at LE16.24 and bought at LE16.14.

At Banque Misr, the National Bank of Egypt, Banque du Caire, Abu Dhabi Islamic Bank, and Bank Audi, the US dollar is being sold at LE16.26 and bought at LE16.16.

In the Commercial International Bank, the US dollar is sold at LE16.25 and bought at LE16.14.

In the Bank of Alexandria, and the Arab African International Bank, the US dollar is sold at LE16.25 and bought at LE16.15.

US dollar prices decreased by around LE1.68 since January 2019, according to the Central Bank of Egypt.

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