Egyptian Pound Dips 3 Pt. Against Greenback

The exchange rate of the US dollar rose from 1-3 piastres on Sunday against the Egyptian pound in major banks.

The dollar rose 3 piastres in the National Bank of Kuwait (NBK) to record EGP 16.06 for purchase and EGP 16.16 for sale, and a piastre in the bank of the Saudi Investment Bank (SAIB) to record EGP 16 for purchase and  EGP 16.1 for sale.

The US currency also increased one piastre in the United Bank to record EGP 15.99 for sale and EGP 16.09 for sale.

At the Commercial International Bank (CIB), the dollar jumped one piastre to record EGP 15.98  for purchase and EGP 16.08 for sale.

Yet, the dollar fell one piastre in the Egyptian Gulf Bank, and Misr Iran Development Bank to record EGP 15.99 for purchase and EGP 16.09 for sale.

The greenback stabilized in Bank Audi at EGP 16.06 for purchase and EGP 16.16 for sale.

At the Abu Dhabi Islamic Bank (ADIB) the pound stood at EGP 16.16 for sale and EGP 16.1 for purchase.

As for the National Bank of Greece-Egypt (NBG), the National Bank of Egypt (NBE), Credit Agricole, Arab African International Bank (AAIB) the pound stabilized at EGP 15.99 for purchase and EGP 16.09 for sale.

The dollar also stabilized in the Suez Canal Bank at EGP 15.98 for purchase and EGP 16.08 for sale.

It is noteworthy that the dollar exchange rate has declined nearly 1.40 piastres in 2019.

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.