The US dollar to the Egyptian pound exchange rate has kept within the lower price trend within the banking dealings on Wednesday, indicating a quite recovery of the Egyptian economy, according to banking experts.
Prices have gone down for many reasons, including the rising settlement of Egyptian expatriates and higher flows of investments in oil sector, stock exchange and government debt, experts said.
According to latest price updates, the US dollar rate preempted to record LE17.64 for purchase and LE17.74 for sale, from LE17.65 for purchase and LE17.75 for sale.
In the Commercial International Bank (CIB), Bank Misr, al-Baraka Bank, Abu Dhabi Islamic Bank (ADIB), US dollar prices declined by one piaster, to record LE17.62 for purchase and LE17.73 for sale.
In the Arab African International Bank (AAIB), the US dollar price stood at LE17.63 for purchase and LE17.73 for sale.
In Bank al-Qahirah and Alexandria Bank, prices plunged by two piasters to record LE17.60 for purchase and LE17.70 for sale while it dropped one piaster in the National Bank of Greece recording LE17.61 for purchase and LE17.71 for sale.
In HSBC and al-Ahli Bank of Kuwait, the US dollar price fixated at LE17.60 for purchase and LE17.70 for sale and LE17.61 for purchase and LE17.71 for sale, respectively.
Meanwhile, the Saudi riyal (SR) plummeted to LE4.70 for purchase, from LE4.71 while it fixated at LE4.73 for sale in the National Bank of Egypt (NBE).
Edited Translation from Al-Masry Al-Youm
Business – Egypt Independent