Egypt Independent

US dollar loses 14 piasters against Egyptian pound within 5 days: CBE



The US dollar exchange rate continued its decline against the Egyptian pound on Monday, to reach LE15.86 for purchase and LE15.96 for sale, according to a statement from the Central Bank of Egypt (CBE).

The US dollar exchange rate lost about 14 piasters since Wednesday until Monday.

The price of exchange rates in Egypt is determined in accordance to supply and demand since the flotation of the pound on November 3, 2016.

This decline comes as a result of a noticeable increase in the CBE’s resources for foreign currency, especially from investments of foreign currency funds in the Egyptian financial markets.

The total foreign exchange flows to Egyptian banks recorded about US$1.7 billion since last Wednesday until Monday.

CBE said earlier this month that Egypt’s foreign currency reserves increased to US$45.42 billion in December compared to $45.35 billion in November.

The US dollar exchange rate declined by about 176 piasters during 2019, according to the Central Bank of Egypt.

Egypt floated the national currency on November 3, 2016. It devalued the Egyptian pound by about a third from the former peg of LE8.8 against the dollar and allowed it to drift lower.

Edited translation from Al-Masry Al-Youm