The Egyptian pound dropped again against the dollar on the black market on 21 July 2016, extending its recent decline despite central bank efforts to close the gap between demand and supply in the dollar-starved economy. Egypt, which relies heavily on imports, is facing a shortage in foreign currency inflows after a 2011 uprising drove tourists and foreign investors away, causing the country's reserves to tumble to $16.56 billion from $36 billion. A black market for dollars has sucked up liquidity from the banking system while the central bank kept the pound artificially strong and rationed dollars through weekly auctions, putting a strain on foreign reserves. (Photo by Fayed El-Geziry /NurPhoto via Getty Images)
The US dollar to Egyptian pound exchange rate increased on Wednesday recording LE15.61 for purchase and LE15.71 for sale as the lowest prices at Egyptian banks, and LE15.63 for purchase and LE15.73 for selling as the highest prices.
The dollar recorded LE15.63 for purchase and LE15.73 for sale in the Alexandria Bank, the Commercial International Bank (CIB), the National Bank of Kuwait (NBK), and the Arab African International Bank (AAIB).
And the dollar recorded 15.61 for purchase and 15.71 for sale in the the National Bank of Egypt, and Bank Misr.
