Egypt Independent

US dollar exchange rates continue increasing against Egyptian pound

US dollar to Egyptian pound exchange rates increased in favor of the dollar on Thursday, continuing a rise that began on June 1.

The exchange rate for US dollars at the Central Bank of Egypt (CBE) was set at LE 16.02 for purchase and LE16.12 for sale, compared to LE15.92 for purchase and LE16.02 for sale on Wednesday.

Dollar exchange rates at the National Bank of Egypt (NBE) and Bank Misr increased by 10 piasters, reaching LE15.86 for purchase and LE15.96 for sale.

The dollar exchange rate increased to LE16.03 for purchase and LE16.13 for sale at the Commercial International Bank (CIB), Ahli United Bank of Kuwait, HSBC, Al-Barka Bank, and the Housing and Development Bank.

The dollar stood at LE16.02 for purchase and LE16.12 for sale in Alexandria Bank.

The dollar price was LE16.03 for purchase and LE16.13 for sale at the Abu Dhabi Islamic Bank.

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

Edited translation from Al-Masry Al-Youm