Egyptian Pound Strengthens 5 Pt. Against USD

The US dollar exchange rate continued its downward trend during Thursday transactions, dropping by 3-5 piastres at major banks.

The dollar fell significantly in trading against the pound after days of the greenback stability.

At the National Bank of Egypt (NBE) and Banque Misr, the dollar dropped by 3 pt, recording EGP 16.45 for buying and EGP 16.55 for selling.

The greenback also dropped by 3 pt at the Commercial International Bank (CIB), registering EGP 16.43 for buying and EGP 16.53 for selling.

At the Arab African International Bank (AAIB), the dollar price declined by 5 pt at EGP 16.44 for buying and EGP 16.54 for selling.

And for the National Bank of Greece, the exchange rate declined by 4 pt, recording EGP 16.44 and EGP 16.54.

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.

It is noteworthy that the dollar has lost more than EGP 1.40 since the beginning of this year.