The US dollar continued its rise against the Egyptian pound during Monday’s trading, recording a significant increase in several banks operating in the local market – reaching the LE 53 mark for the first time in its history.
The price of the Emirati dirham also rose against the pound by about 20 piasters, amidst ongoing fluctuations in the exchange market and increased demand.
The US dollar rose by about 70 piasters in some banks on Monday compared to Sunday.
The increase in the largest public and private banks ranged between 26 and 70 piasters, according to the latest updates on the banks’ official websites.
Prices:
The US dollar was trading at approximately LE 52.09 for buying and LE 52.23 for selling at the Central Bank of Egypt. At the National Bank of Egypt, the dollar was at LE 52.75 for buying and LE 52.85 for selling. At Banque Misr, the price was approximately LE 52.35 for buying and LE 52.45 for selling. At the Bank of Alexandria, the dollar was at LE 52.11 for buying and LE 52.21 for selling. At the Commercial International Bank, it was at LE 52.75 for buying and LE 52.85 for selling. The dirham traded at approximately LE 14.18 for buying and LE 14.22 for selling at the Central Bank of Egypt, according to the bank’s latest updates on Monday. At the National Bank of Egypt, the dirham was trading at approximately LE 14.35 for buying and LE 14.39 for selling.Banking expert Sahar al-Damaty stated that the US dollar reaching levels close to LE 53 is a natural market movement following the implementation of the flexible exchange rate policy, which allows the currency to fluctuate according to supply and demand mechanisms within the banking system.
Edited translation from Al-Masry Al-Youm
US dollar nears LE53 in a first, while dirham up by 20 piasters Egypt Independent.
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