Egypt Independent

US dollar prices continue declining against the Egyptian pound



US dollar prices continued declining against the Egyptian pound in several banks on Wednesday after witnessing a decline by three piasters in Tuesday’s dealings.

According to the last update prices released by the Central Bank of Egypt (CBE), the average of US Dollar prices declined by two piasters, reaching LE15.83 for purchase and LE15.93 for sale in the National Bank of Egypt (NBE) and Bank Misr.

The dollar declined by three piasters, recording LE15.81 for purchase and LE15.91 for sale in the Arab African International Bank (AAIB).

In the Commercial International Bank (CIB), the dollar declined by two piasters, to be sold at LE17.81 and bought at LE17.81.

In Suez Canal Bank, the dollar declined by three piasters, recording LE15.80 for purchase and LE15.90 for selling.

At the Abu Dhabi Islamic Bank (ADIB), the dollar was sold at LE15.86 for purchase and LE15.96 for selling.

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 $12 billion loan.

Edited translation from Al-Masry A-Youm