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The dollar exchange rates continued to decline in the beginning of morning trading, today, Wednesday, against the Egyptian pound in a number of banks operating in Egypt, after falling by about 3 piasters at one time during yesterday’s trading.
According to the latest update, the dollar exchange rate in the National Bank of Egypt and Banque Misr fell by two piasters to register 15.83 pounds for purchase and 15.93 pounds for sale, as well as in Arab African International Bank by 3 piasters to record 15.81 for purchase and 15.91 pounds for sale.
The price of the dollar in the Commercial International Bank fell by two piasters to record 15.81 pounds for purchase and 15.81 pounds for sale, and at the Suez Canal Bank the dollar declined by 3 piasters to record 15.15 pounds for purchase and 15.90 pounds for sale, as the dollar exchange rate at Abu Dhabi Islamic Bank recorded 15.86 pounds for purchase and 15.96 pounds for sale.
The exchange rate in Egyptian banks is determined according to the supply and demand mechanism that started with the liberalization of the exchange rate on November 3, 2016, so the more the foreign currency supply (the dollar) and the lower the demand for it, the lower the dollar price.