The US dollar continued to decline against the Egyptian pound during Tuesday’s trading session, dropping between 11 and 15 piasters, following a decrease of between 7 and 13 piasters at the end of yesterday’s trading. The selling price reached its lowest level in a year, recording 47.95 pounds for sale.

The dollar fell by about 15 piasters at the National Bank of Egypt and Banque Misr, registering 47.85 pounds for buying and 47.95 pounds for selling, compared to 48 pounds for buying and 48.1 pounds for selling.

The dollar price also dropped by about 13 piasters at the Commercial International Bank to 47.85 pounds for buying and 47.95 pounds for selling, compared to 47.98 pounds for buying and 48.08 pounds for selling.

At Bank of Alexandria, the dollar fell by about 15 piasters to 47.85 pounds for buying and 47.95 pounds for selling, compared to 48 pounds for buying and 48.1 pounds for selling.

The dollar lost 12 piasters at Al Baraka Bank, reaching 47.85 pounds for buying and 47.95 pounds for selling, compared to 47.95 pounds for buying and 48.05 pounds for selling.

It also declined by 13 piasters at Crédit Agricole to 47.85 pounds for buying and 47.95 pounds for selling, compared to 47.98 pounds for buying and 48.08 pounds for selling.

At Suez Canal Bank, the dollar decreased by one piaster to 48.02 pounds for buying and 48.12 pounds for selling, compared to 48.03 pounds for buying and 48.13 pounds for selling.

The green currency also dropped by about 11 piasters at Abu Dhabi Islamic Bank, recording 48.03 pounds for buying and 48.13 pounds for selling, compared to 48.14 pounds for buying and 48.23 pounds for selling.

At the end of last November, Prime Minister Mostafa Madbouly said that the exchange rate might experience fluctuations within about 5% in the upcoming period between rises and falls, stressing that the government is committed to a flexible exchange rate policy.

In March 2024, the Central Bank allowed the pound’s exchange rate to be determined according to supply and demand mechanisms and raised interest rates by 600 basis points in an exceptional meeting.