The dollar is falling below 17 pounds for the first time in more than two years

Economy and stock exchange

The dollar continued to decline against the Egyptian pound on Wednesday, losing between two pennies to 3 piasters in some banks and falling below 17 pence to the dollar for the first time in more than two years, since March 2017.

The exchange rate of the dollar against the pound in the two banks, "International Trade" and "Qatar National National" to record 16.99 pounds to the dollar, the purchase price, and 17.09 for the sale price.

The dollar fell against the Egyptian pound by about 86 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.