Egypt Independent

US Dollar exchange rates in Egypt rise on Monday

The US dollar exchange rate in Egyptian banks has risen on Monday compared with Sunday’s exchange rates.

The exchange rate for US dollars at the Central Bank of Egypt, Bank al-Qahera, and the Commercial International Bank (CIB) was set at LE15.69 for purchase and LE15.79 for sale.

Rates at Bank Misr, Credit Agricole, the Arab African International Bank (AAIB) and the Housing and Development Bank reached LE15.72 for buying and LE15.82 for selling.

The price of the dollar in ALEXBANK reached LE15.73 for purchase and LE15.83 for sale.

Bank Audi set its rates at LE15.74 for buying and LE15.84 for selling.

And Bank al-Baraka, the HSBC Bank, the Suez Canal Bank, and the Abu Dhabi Islamic Bank all had rates at LE15.70 for buying and LE15.80 for selling.

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.

This led inflation rates to accelerate to 33 percent, which was accompanied by a sharp decline in earnings, according to Bloomberg News.

However, inflation has since declined, approaching the lowest level in years, according to a November report from Bloomberg, which indicated that profits recorded by Egyptian companies have returned to pre-November 2016 rates.