Egyptian pound appreciates to highest in over two years, trading at LE16.9

Big 5

The Egyptian pound strengthened on Thursday to its highest in over two years, while the US dollar exchange rate continued its downward trend at the close of transaction at major banks.

The currency was trading at 16.9 to the dollar for buying  and 17.09 to the dollar for selling, recording less than 17 pounds for the first time in two years.

The US dollar exchange rate decline was estimated by around 87 piasters since the beginning of the current year supported by the improvement of the Egyptian economy. Egypt’s foreign exchange inflow recently exceeded $150 million since the liberalization of the exchange rate.

At the National Bank of Egypt, Banque Misr, and the Arab African International Bank, the dollar rate went down by two piasters recording 16.99 pounds for buying and17.09 pounds for selling.

The dollar price stood at 16.99 pounds for buying and 17.09 pounds for selling at the AlexBank.

At the National Bank of Greece, the dollar rate recorded 17 pounds for buying and 17.10 pounds for selling.

The dollar price stood at 16.99 pounds for buying and 17.09 pounds for selling at the Commercial International Bank.

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