Egypt Independent

US dollar rates decline against Egyptian pound



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

At Banque Misr and the National Bank of Egypt, the US dollar is being sold at LE16.81 and bought at LE16.71.

In the Commercial International Bank, and Bank of Alexandria, the US dollar is sold at LE16.77 and bought at LE16.67.

At the Arab African International Bank, the US dollar is sold at LE16.80 and bought at LE16.70, while in Abu Dhabi Islamic Bank it’s at LE16.84 and bought at LE16.74.

The US dollar exchange rate decreased by three piasters in the National Bank of Greece, sold at LE16.78 and bought at LE16.78.

US dollar prices have decreased by around LE1.14 since January 2019, according to the Central Bank of Egypt (CBE).

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