USD rate stable in Egypt’s major banks Wednesday

CAIRO – 24 May 2017: The U.S. dollar exchange rate held steady against the Egyptian pound in major banks Wednesday.

During Wednesday's transactions, the dollar recorded its highest buying and selling prices in Abu Dhabi Islamic Bank and the Commercial International Bank (CIB), registering LE 18.05 for buying and LE 18.15 for selling.

Meanwhile, the lowest prices were reported in the National Bank of Egypt (NBE) and Banque Misr with LE 17.95 for buying and LE 18.05 for selling.

In the Central Bank of Egypt (CBE), the dollar recorded LE 18.02 for buying and LE 18.12 for selling.

The government took a decision in November to float the local currency in a move aimed at reviving an economy that was badly hit by political instability and a foreign currency shortage.

The pound’s flotation was part of an economic reform program that also included levying a value-added tax and slashing energy subsidies.

Shortly after the flotation, the pound lost almost 50 percent of its value against the dollar.