U.S. dollar prices continue decline in Egyptian banks

On Monday, the US dollar saw a two-piaster decline in Egypt’s banks.

In the National Bank of Egypt, it recorded LE16.81 for purchase, and LE16.91 for sale. In the United Bank of Egypt, Audi, CIB, and the AIB, it recorded LE16.79  for purchase, and LE16.89 for sale. At the Abu Dahbi Islamic Bank, it recorded LE16.85 for purchase, and LE16.95 for sale.

The price of the Arab currencies also fell, affected by the decline of the US dollar.

The Saudi riyal was sold at LE4.50, the UAE dirham at LE4.60 while the Kuwaiti dinar at LE55.65.

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 US$12 billion loan.

Source: Egypt Independent