Egypt Independent

US dollar exchange rates witness slight decline

US Dollar exchange rates declined against the Egyptian pound during banking dealings on Sunday.

According to the last price update, the exchange rate of the US dollar in the National Bank of Egypt (NBE) recorded LE 17.63 for purchase and LE 17.73 for sale.

In the Commercial International Bank (CIB), US dollar prices stood at LE 17.63 for purchase and LE 17.73 for sale,

In Bank Misr, prices declined to LE 17.61 for purchase and LE 17.71 for sale.

 A recent report by CNN Arabia revealed that prices of the US dollar are likely to surge to LE 19 by 2018 and EGP 20 by 2019.

The Central Bank of Egypt (CBE) floated its currency on November 3 and said it would make a final push to secure a $12 billion IMF loan, as it looked to overhaul its dollar-starved economy and unlock foreign investment.

Edited Translation from Al-Masry Al-Youm