Eight banks increase US dollar exchange rate

Eight banks have raised their exchange rates for the US dollar between three to eight piasters, after three weeks of ongoing decline, during which the dollar went down by 16 percent, Al-Borsa reported.

The eight banks are Egyptian Gulf Bank, Misr Iran Development Bank, Housing and Development Bank, Al Ahli Bank of Kuwait, Al Baraka Bank of Egypt, Suez Canal Bank, Bank of Alexandria and Abu Dhabi Islamic Bank (ADIB).

Egyptian Gulf Bank came on top with a selling rate at LE15.93 from LE15.85, marking a raise of eight piasters. However, Al Ahli Bank of Kuwait marked the lowest increase by three piasters in the purchasing rate, which reached LE15.78, while the selling rate did not change.

Al Baraka Bank raised the purchasing rate to LE15.78 and the selling rate to LE15.88. The purchasing rate reached LE15.78, while the selling rate reached LE15.88 at ADIB.

The rates were the same at each of Bank of Alexandria and Suez Canal Bank, reaching LE15.75 for purchasing and LE15.85 for selling.

The US dollar rate remained stable at seven other banks including Arab Bank, Blom, Credit Agricole, Commercial International Bank, Audi bank, National Bank of Greece and Banque du Caire at LE15.75 for purchasing and LE15.85 for selling.

At the National Bank of Egypt, the rate remained at LE15.73 for purchasing and LE15.78 for selling for the second day in a row.

At the Central Bank of Egypt, the rate decline by only one piaster on Monday, recording LE15.72 for purchasing and LE15.85 for selling, from LE15.73 for purchasing and LE15.86 for selling.

All in all, the decline in the exchange rate, which has been ongoing since the beginning of February, was slower on Monday, with the US dollar having now lost more than 16 percent of its value.


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