The US dollar fell on Sunday during mid-day trading in Egyptian banks, hitting its lowest level in two years. The dollar fell against the pound on Sunday with a decline ranging from one piaster to 21 piasters across all banks operating in the Egyptian market. The Central Bank of Egypt (CBE) recorded a decrease of 22 piasters to stand at LE 17.63 for purchase and LE 17.76 piasters for sale. Farouk expected the dollar to continue to fall between one and two percent in the coming period, given the improvement in the Egyptian pound indices. He attributed the stability in exchange rates recently to increased remittances, tourism and export rates, and an improvement in Egypt’s credit rating.

Source: Egypt Independent January 28, 2019 13:07 UTC