Foreign currencies stable in Egyptian banks, Qatari riyal down

CAIRO – 8 June 2017: Foreign currency exchange rates stabilized against the Egyptian pound in Wednesday banking transactions, while the Qatari riyal fell by over 20 piasters National Bank of Egypt (NBE.)

The U.S. dollar exchange recorded an average of LE 18.03 for buying and LE 18.14 for selling against the Egyptian pound.

The average rate of LE 18.05 for buying and LE 18.15 for selling was registered at several banks including the Commercial International Bank (CIB), Bank Audi and the Arab Bank.

Egypt’s three largest state-owned banks the National Bank of Egypt (NBE) and Banque Misr marked an average rate of LE 17.95 for buying and LE 18.05 for selling.

On the Qatari riyal side, Egypt’s largest state-owned bank NBE increased the exchange rate difference to LE 4.73 for buying and LE 4.96 for selling.

Early Monday, when six Arab countries, including Egypt and Saudi Arabia, decided to cut diplomatic ties with Qatar, the Qatari riyal exchange rate was LE 4.9 for buying and LE 4.96 for selling.

The Qatari riyal is facing unprecedented pressure as Saudi Arabia, UAE and Bahrain have reportedly started holding off business with Qatari banks.

Globally, the Qatari riyal fell to one-year lowest level of 3.647 against the U.S. dollar Tuesday, to later rebound to 3.640 this week.

Meanwhile, the euro has recorded an average of LE 20.18 for buying and LE 20.33 for selling, according to Central Bank of Egypt (CBE) rates, and the British Pound (GBP) it marked an average of LE 23.24 for buying and LE 23.42 for selling.

The Arab currencies have remained stable against the Egyptian pound. The Saudi riyal marked LE 4.78 for buying and LE 4.81 for selling, while the Kuwaiti dinar registered LE 59.21 for buying and LE 59.55 for selling.