Egypt Independent

Dollar rate slightly increases on Wednesday



The US Dollar’s exchange rate against the Egyptian Pound slightly increased in banks this morning, with an average of LE17.80.

According to the latest updates, the US dollar increased one piaster from yesterday, recording LE17.85 for purchase and LE17.95 for sale in al-Qahira bank.

In the Commercial International Bank (CIB), the dollar inched to LE17.85 for purchase and LE17.90 for sale.

The National Bank of Egypt (NBE) recorded LE17.87 for purchase of the dollar, and LE17.88 for sale.

In Bank Misr, it settled at LE17.78 for purchase and LE17.88 for sale.

In Alexandria Bank, the dollar rose by two piasters, recording LE17.84 for purchase and LE17.94 for sale.

In the National Bank of Greece (NBG), it increased by one piaster, recording LE17.84 for purchase and LE17.94 for sale.

In the Arab African International Bank (AAIB), the dollar increased by one piaster, recording LE17.84 for purchase and LE17.94 for sale.

The exchange rate of the dollar to the pound rapidly increased in 2016-2017 following Egyptian efforts to comply with International Monetary Fund’s regulations, through stringent economic reforms. In a statement on the IMF website, the organization calls this inflation “anticipated”, as it “reflected the effects of increases in electricity and fuel prices, the VAT, and pass-through from the exchange rate depreciation”.

The statement notes that “inflation has been on a declining trajectory since its peak last summer”, with annual headline inflation declining from 33 percent in mid-2017 to roughly 11 percent in May, “anchored by interest rate hikes and other well-considered measures taken by the Central Bank Egypt (CBE)”.

 

Edited translation from al-Masry al-Youm.