Banks Observe New Decline in Dollar against EGP

The US dollar depreciated against the Egyptian pound in seven banks by the end of this weeks trading, while settled in three others.

The average price of the US currency amounted to EGP 16.81 to buy and EGP 16.91 for sale, down by about 105 piastres since the beginning of the current year.

In the National Bank of Egypt (NBE), the price of the dollar fell one piastre at EGP 16.83 for purchase and EGP 16.93 for sale. The price of the greenback also dropped in Bank Misr to EGP 16.83 for purchase and EGP 16.93 for sale.

In addition, the dollar reported EGP 16.80 for purchase and EGP 16.90 for sale in the Commercial International Bank (CIB). The dollar dropped 3 piasters at the Suez Canal and the Arab African International Banks to record EGP 16.80, 16.81 to buy and EGP 16.90, 16.91 for sale respectively.

In Credit Agricole, the dollar stood at EGP 16.80 for purchase and EGP 16.90 for sale, dropping 4 piastres than last weeks estimates.

The US bill also fell two piastres in the Bank of Alexandria at EGP 16.81 for purchase and EGP 16.91 for sale.

The US currency settled in Al-Baraka and Abu Dhabi Islamic Bank (ADIB) at EGP 16.83, 16.85 for purchase and EGP 16.93, 16.95 for sale sequentially. As for the Housing and Development Bank, the greenback also maintained its value at EGP 16.82 and EGP 16.92.