Dollar exchange rate stable Wednesday despite reserves boost

CAIRO – 2 August 2017: The U.S. dollar exchange rate stabilizes against the Egyptian pound in Wednesday’s morning banking transactions.

The exchange rate of the Central Bank of Egypt (CBE) for the U.S. dollar is LE 17.83 for buying and LE 17.93 for selling.

Recording the highest exchange rate, the Abu Dhabi Islamic Bank recorded LE 17.88 for buying and LE 17.98 for selling.

Majority of private sector banks, including Egypt’s biggest private sector bank Commercial International Bank (CIB) recorded a rate of LE 17.95 for buying and LE 17.95 for selling.

Banuque Misr registered LE 17.84 for buying and LE 17.94 for selling.

Meanwhile, the biggest state-owned bank National Bank of Egypt (NBE) offered the lowest exchange rate at LE 17.8 for buying and LE 17.9 for selling.

Egypt’s foreign reserves saw a seven-year high rate in July, surpassing $36 billion, with a $4.6 billion hike compared to June, according to the CBE.

As for the euro, it went up to LE 21.07 for buying and LE 21.19 for selling, up from LE 20.92 for buying and LE 21.04 for selling in the previous day.

The GBP (British Pound) also rose to LE 23.58 for buying and LE 23.72 for selling, from LE 23.39 for buying and LE 23.53 for selling Tuesday.

As for the Arab currencies, the Saudi Riyal stabilized at LE 4.75 for buying and LE 4.78 for selling, according to the CBE.

Meanwhile, the Kuwaiti dinar recorded LE 59.69 for buying and LE 59.60 for selling and the Emirati Dirham registered LE 4.85 for selling and LE 4.88 for buying.