Egypt Independent

US dollar to Egyptian pound exchange rate sees decline

The US dollar to Egyptian pound exchange rate declined by five piasters at the Central Bank of Egypt on Monday, recording LE16.02 for purchase and LE16.15 for sale.

The dollar declined by four piasters to reach LE16.04 for purchase and LE16.14 for sale at Alexandria Bank.

Dollar exchange rates at the National Bank of Egypt, Bank Misr and the Bank al-Qahera declined by two piasters to record LE16.05 for purchase and LE16.15 for selling.

The dollar fell by one piaster at al-Baraka bank with LE16.11 for purchase and LE16.21 for sale, and by six piasters at the Arab African International Bank (AAIB), recording LE16.03 for purchase and LE16.13 for sale.

The dollar recorded LE16.12 for purchase and LE16.22 for sale at the Abu Dhabi Islamic Bank.

The dollar settled at LE16.09 for purchase and LE16.19 for sale at the Commercial International Bank CIB, the Housing and Development Bank, Arab Bank, the National Bank of Kuwait, and HSBC.

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

Edited translation from Al-Masry Al-Youm