Dollar Continues Downward Trend against EGP

The US dollar exchange rate continued its downward trend during Sunday's trading, falling by one piastre against the Egyptian pound.

The dollar rate dropped by one piaster at the National Bank of Egypt (NBE) and Banque Misr, recording EGP 16.44 for buying and EGP 16.54 for selling.

At the Commercial International Bank (CIB), the dollar price went down by the same amount to register EGP 16.42 for buying and EGP 16.52 for selling.

The greenback stood at EGP 16.43 for buying and EGP 16.53 for selling at the Arab African International Bank (AAIB).

As for the National Bank of Greece, the exchange rate stabilized at EGP 16.44 for buying and 16.54 for selling.

It is noteworthy that the dollar exchange rate has declined nearly 1.40 piastres since the beginning of the year.

The exchange rate in Egyptian banks is determined by the supply and demand mechanism, which started during the liberalization of the exchange rate on November 3, 2016.