Dollar stable against Egyptian pound, exchange officials say

US dollar prices remained stable against the Egyptian pound over the past few days despite preparation by foodstuff importers for the holy month of Ramadan, which starts 1 August.

The demand for US currency is usually high during that season, driving prices up.
Emad Gamal Eddin, CEO of an Egyptian exchange company, said dollar prices remained stable Sunday, purchased for LE5.94 and sold for LE5.95.
Mohamed al-Abyad, chairman of the exchange sector at the Federation of Egypt Chambers of Commerce, said the Egyptian pound has remained stable against other major currencies throughout the last week, while the euro dropped significantly, affected by a Central Bank of Europe decision to fix interest rates in euro zone countries.
Abyad said Egyptian currency won nearly 10 piasters at the expense of the euro since Wednesday.
A statement by the Central Bank of Egypt had noted that the average price for the euro recorded LE8.80 for purchasing and LE8.60 for selling, while the dollar purchased for LE5.93 and sold for LE5.96.
Translated from the Arabic Edition

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