The exchange rate of the Egyptian pound fell against the US dollar during Tuesday’s trading in six major banks with a value ranging from 1-15 piastres.
The pound fell against the dollar in the National Bank of Greece with 15 piastres, recording EGP 16.39 to buy and EGP 16.49 for sale.
The pound also dropped in the banks of the Suez Canal and the Societe Arabe Internationale De Banque (SAIB) by two piastres to register EGP 16.26 for purchase and EGP 16.36 for sale.
The pound recorded a decline in Misr Iran Development Bank (MIDB)
with two piastres to settle at EGP 16.25 for buying and EGP 16.35 for selling.
In the United Bank, the pound fell one piastre to EGP 16.25 for buying and EGP 16.35 for sale.
As for the National Bank of Egypt (NBE), Banque Misr, Commercial International Bank (CIB), and the Arab African International Bank (AAIB), The exchange rate of the pound settled at EGP 16.24 for buying and EGP 16.34 for sale against the greenback.
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.
