Rise in US dollar exchange rate due to increasing demand

The exchange rate of the US dollar rose in banks operating in Egypt on Monday, driven by an increased demand for the greenback in the local market.

Bank Audi, Mashreq, Credit Agricole Egypt and Abu Dhabi Islamic Bank put the dollar rate at LE17.91 for sale and LE17.81 for purchase.

The Housing & Development Bank set the dollar rate at LE17.89 for sale and LE17.79 for buying.

The lowest price of the dollar was at the Arab Bank, which put it at LE17.70 for sale and LE17.60 for purchase.

The price of the greenback in the National Bank of Egypt, the largest government bank on the market, stood at LE17.69 for purchase and LE17.79 for sale, amid assurances from other major government banks about large volumes of dollar liquidity.

Analysts mainly attributed the decline of the Egyptian pound exchange rate against the US dollar to the repayment of dollar debts and other financial operations, which led to an increase in dollar demand.

Banking expert Youssef Farouk said that the recent rise in the dollar price was mainly due to the fiscal year of investment and private banks coming to an end in December.

Edited translation from Al-Masry Al-Youm

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