Egypt Independent

US dollar to Egyptian pound exchange rates continues declining



US dollar to Egyptian pound exchange rates at the Central Bank of Egypt (CBE) continued declining by two piasters on Tuesday, recording LE15.88 for purchase and LE16.01 for sale.

Dollar exchange rates at the National Bank of Egypt (NBE), Bank Misr, and Bank al-Qahera also declined by two piasters, recording LE15.92 for purchase and LE16.02 for sale.

At Alexandria Bank the dollar declined by three piasters, recording LE15.89 for purchase and LE15.99 for sale.

The exchange rate settled at LE15.91 for purchase and LE16.11 for sale at the Audi Bank, Suez Canal Bank, al-Barka Bank and Arab Bank.

Dollar prices declined by one piaster, recording LE15.91 for purchase and LE16.01 at the Commercial International Bank, the Housing and Development Bank, the Arab African International Bank, Credit Agricole, the United Bank of Egypt, the National Bank of Kuwait, and HSBC.

The exchange rate declined by four piasters, recording LE15.91 for purchase, and LE16.01 for selling at the Abu Dhabi Islamic Bank.

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