Dollar Drops 1 Pt. Against Egyptian Pound

The Central Bank of Egypt (CBE) revealed on Wednesday that the average dollar price fell by  one piastre against the pound to EGP 15.74 for purchase and EGP 15.84 pounds to sell, compared to EGP 15.75 and EGP 15.85 yesterday.

The price of the dollar suffered severe losses during the past month, after losing about 26 piastres, registering the biggest monthly losses against the pound since last September.

In the Egyptian market, the US currency recorded EGP 15.74  to buy and EGP 15.84 to sell in the National Bank of Egypt (NBE) and Banque Misr.

At Al-Baraka and Arab Investment Bank (AIB), the greenback recorded EGP 15.73  to buy and EGP 15.83 to sell. As for the BLOM Bank - Egypt, the dollar recorded EGP 15.73 to buy and EGP 15.83 to sell.

While the price at Banque Du Caire, the third largest government bank in Egypt, the dollar recorded  EGP 15.73  to buy and EGP 15.83 to sell.

As for Bank Audi, the price registered EGP 15.74 to buy and EGP 15.84 to sell.

In the Bank of Alexandria, the US currency recorded EGP 15.73 to buy and  EGP 15.83 to sell. In the UAE, Dubai, he recorded EGP 15.73  for purchase and EGP 15.83  for sale.

Meantime, Abu Dhabi Bank recorded the highest dollar price at EGP 15.77  to buy and EGP 15.87  to sell.

Also, Misr-Iran Development Bank came as the 1st runner-up in terms of the highest dollar price to record EGP 15.76 to buy and EGP 15.56 to sell.

Last December, the US currency lost about 7.2 piastres, 1.7 pt. in November, 13.2 pt. in October and 28.5 pt. in September.

Tarek Amer, the governor of the Central Bank, had said recently, that Egypt had received up to $ 200 billion in foreign currency inflows during the past four years.

It is noteworthy that the price of the dollar fell by about 11% against the pound in 2019, as foreign flows to the domestic market improved.

In a previous report, Bloomberg International predicted that the pound would continue to rise, with the increase in foreign exchange flows.