Egypt Independent

US dollar maintains stable rates against Egyptian pound

The US dollar maintained stable rates against the Egyptian pound on Saturday morning, with an average exchange rate of LE16.30.

The dollar exchange rate declined by roughly 145 piasters since the beginning of this year, according to the Central Bank of Egypt.

In the National Bank of Egypt, Banque Misr, and the National Bank of Greece, the US dollar sold at LE16.25 and was bought at LE16.35.

At the Housing and Development Bank, the Arab African International Bank, and the Commercial International Bank, the US dollar sold at LE16.26 and was bought at LE16.36.

In the Egyptian Gulf Bank and al-Baraka bank the US dollar was sold at LE16.27 and bought at LE16.37.

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

Edited translation from Al-Masry Al-Youm