Dollar exchange rate down at major Egyptian banks

The US dollar exchange rate at Egyptian banks dropped by 45 to 50 piasters during Sunday's early tradings.

The drop comes two days after the International Monetary Fund (IMF) ’s executive board approved Egypt’s request for a dlrs 12 billion loan which is meant to support Egypt's economic reform program.

The dollar exchange rate at the National Bank of Egypt (NBE) stood on Sunday at EGP 15.05 buy price and EGP 15.90 sell price. 

At Banque Misr, the dollar exchange rate registered at 15.61 buy price and 15.91 sell price.

At Banque Du Caire, the dollar exchange rate registered at 15.50 buy price and 15.90 sell price.

At the CIB, the dollar exchange rate stood at EGP 15.55 buy price and EGP 15.95 sell price.

On Friday, the dollar exchange rate stood at EGP 16 to 15.95 buy price and 16.02 to 16.45 sell price at the the aforementioned banks. 

Egypt received the first tranche of the loan estimated at dlrs 2.75 billion, while the remaining tranches' payment will depend on the country's economic performance and implementation of reforms.