US dollar exchange rates were maintained against the Egyptian Pound in banks on Tuesday in comparison with the Monday dealings.
According to price updates, the dollar settled at LE16.56 for purchase and LE16.66 for selling in the National Bank of Egypt (NBE), Bank Misr, Credit Agricole Bank, the Housing and Development Bank, and the Arab African International Bank (AAIB).
The US dollar was sold at LE16.54 and bought at LE16.64 at Alexandria Bank and the Commercial International Bank (CIB).
The US dollar was sold at LE16.67 and bought at LE16.57 at al-Baraka bank while it was sold at LE16.68 and bought at LE16.58 at the Abu Dhabi Islamic Bank (ADIB).
The US Dollar was sold at LE16.64 and bought at LE16.54 in the Suez Canal Bank.
The stability of the dollar for the second month in a row and its decline in the exchange market is due to the government’s protection of the domestic industry by restricting the import of luxury goods. These protections contribute to the creation of real and fair competition between domestic and imported goods and provide more jobs.
Egypt devalued its currency by 48 percent in 2016, allowing it to float freely, in order to meet a key demand from the IMF and secure a three-year $12 billion loan.
Edited translation from Al-Masry Al-Youm