US dollar rate inches up Tuesday

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 exchange rate against the Egyptian pound currency increased in several Egyptian banks on Tuesday morning.

According to the latest price updates, the price of the dollar in the National Bank of Egypt (NBE), Banque Misr, the Bank of Alexandria, al-Baraka Bank, the Suez Canal Bank, and Abu Dhabi Islamic Bank (ADIB) recorded recorded LE17.60 for purchase and LE17.70 for sale, up from LE17.59 for purchase and LE 17.69 for sale on Monday.

The Commercial International Bank (CIB) and the Arab African International Bank set dollar prices at LE 17.69 for selling, and LE 17.59 for buying, representing an increase of two piastres since Monday.

In the National Bank of Greece, and Banque du Caire, the greenback recorded LE 17.68 for sale, and LE 17.58 for purchase.

Al-Ahli Bank of Kuwait (ABK) is selling the dollar at LE17.71, while purchasing it at 17.61.

Edited translation from MENA