US dollar prices continued its decrease in Egyptian banks on Monday, amid expectations of continued decline due to the increasing volume of dollars in the banks, with t he dollar falling by over 145 piasters since the beginning of 2019.
The dollar price at the National Bank of Egypt and Banque Misr recorded for purchase LE 16.33 and LE16.43 for sale, declining by two piasters.
It also declined by two piasters at the Commercial International Bank to record LE16.30 for purchase and LE16.40 for sale. At the Arab African Bank, it recorded LE 16.31 for purchase and LE 16.41 for sale.
At the National Bank of Greece, the dollar recorded LE16.34 for purchase and LE16.44 for sale.
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.
The CBE stated on Wednesday that foreign reserves increased by US$52 million to total $44.969 billion in August.
Back in August, the Central Bank of Egypt said that the value of the country’s foreign currency reserves reached $44.916 billion at the end of July 2019, marking an increase of about $564.9 million from their value of $44.351 billion at the end of June 2019.
Edited translation from Al-Masry Al-Youm