Monday’s euro to Egyptian pound exchange rates

The euro exchange rate maintained stable rates in Egyptian banks on Monday.

Banque Misr and the National Bank of Egypt

LE 19.07 for purchase

LE 19.26 for sale

Suez Canal Bank

LE 19.14 for purchase

LE 19.39 for sale

Central Bank of Egypt

LE 19.08 for purchase

LE 19.16 for sale

Bank of Alexandria

LE 19.16 for purchase

LE 19.22 for sale

United Bank

LE 19.06 for purchase

LE 19.39 for sale

Commercial International Bank

LE 19.06 for purchase

LE 19.39 for sale

The difference between the selling price and the purchase price of currencies

Currency sale price is the price at which a bank or exchange company sells currencies to customers.

The purchase price of currencies is the price at which the banks or exchange companies purchase currencies from customers, and the selling price is usually higher than the purchase price.

Bloomberg news agency reported on August 17 that the increasing pressure on the Egyptian economy has led the largest banks in the world to believe that Cairo needs to depreciate its currency again.

Greater flexibility of the Egyptian currency is required in light of Cairo’s pursuit of a new loan from the International Monetary Fund, the agency stated.

Bloomberg referred in a report to the inevitability of the devaluation of the Egyptian pound.

Egypt devalued its currency by 48 percent in 2016, allowing it to float freely in order to meet a key demand by the International Monetary Fund to secure a three-year US$12 billion loan.

The Central Bank of Egypt announced the devaluation of the Egyptian pound for the second time in March by nearly 17 percent.