The dollar continued its decline against the Egyptian pound on Wednesday, losing between two pesos to 3 piasters and falling below 17 pence to the dollar in all banks operating in the local market of 38 banks for the first time in more than two years, 2017, ie 26 months.
The exchange rate of the dollar against the pound, the lowest price in Bank Audi to record 16.95 pounds to the dollar, the purchase price, and the highest purchase price in Al Baraka Bank at 16.99 pounds to the dollar.
The dollar fell against the Egyptian pound by 92 piasters since the beginning of 2019, supported by foreign exchange flows from multiple sources.
The price of the currency "thermometer" performance of the economies of countries, and when the flow of dollars and capital in foreign currency, this helps to strengthen the currency, and in the context of progress and improve the indicators of the Egyptian economy significantly over the past period, the price of the pound against the dollar, reflected during the four months With the domestic currency rising against its US counterparts. This performance is expected to continue in the coming period as economic indicators improve and Egypt's 5 dollar resources improve.
The exchange rate in Egyptian banks is determined according to the mechanism of supply and demand, and the more dollar supply and the decline in demand, the lower the dollar.