US dollar to Egyptian pound exchange rates continue increasing

The US dollar to Egyptian pound exchange rates increased by two piasters in favor of the dollar on Monday, continuing a rise that began on the start of June.

The exchange rate for US dollars at the Central Bank of Egypt was set at LE16.16 for purchase and LE16.26 for sale.

Dollar exchange rates at the National Bank of Egypt, Bank Misr, Alexandria Bank, House and Development Bank, the National Bank of Kuwait and Abu Dhabi Islamic Bank recorded LE16.15 for purchase and LE16.25 for sale.

The dollar exchange rate increased to LE16.17 for purchase and LE16.27 for sale at the Commercial International Bank, the Arab African International Bank, the United Bank, Kuwait International Bank, HSBC, Credit Agricole, and al-Qahera bank.

The dollar stood at LE16.03 for purchase and LE16.13 for sale in the al-Baraka 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 (IMF) and secure a three-year US$12 billion loan from the fund.

Edited translation from Al-Masry Al-Youm

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