US dollar exceeds 56 Egyptian pounds in local banks

The US dollar continued to strengthen against the Egyptian pound during trading on Monday, surpassing 56 pounds for sale at several banks, with exchange rates varying across the local banking sector.

The highest rates were recorded at Abu Dhabi Islamic Bank, Faisal Islamic Bank, Kuwait Finance House, HSBC, Al Baraka Bank, and the Egyptian Saudi Finance Bank, where the dollar reached 55.95 pounds for buying and 56.05 pounds for selling.

Conversely, the lowest rate was seen at the Egyptian Arab Land Bank, with the dollar at 55.70 pounds for buying and 55.80 pounds for selling, while at Housing and Development Bank, it stood at 55.74 pounds for buying and 55.84 pounds for selling.

Among the largest state-owned banks, the National Bank of Egypt posted a rate of 55.94 pounds for buying and 56.04 pounds for selling, compared to 55.84 pounds for buying and 55.94 pounds for selling at Banque Misr. The Central Bank of Egypt listed the dollar at 55.78 pounds for buying and 55.88 pounds for selling.

In the private banking sector, Commercial International Bank offered the dollar at 55.93 pounds for buying and 56.03 pounds for selling. Crédit Agricole listed it at 55.92 pounds for buying and 56.02 pounds for selling, while Arab African International Bank posted 55.91 pounds for buying and 56.01 pounds for selling.

The dollar was also quoted at 55.90 pounds for buying and 56 pounds for selling at both Suez Canal Bank and Industrial Development Bank, while Al Ahli Bank of Kuwait and United Bank offered 55.87 pounds for buying and 55.97 pounds for selling.

At National Bank of Kuwait and Alexandria Bank, the dollar reached 55.82 pounds for buying and 55.92 pounds for selling, while Abu Dhabi Commercial Bank posted 55.75 pounds for buying and 55.85 pounds for selling.

The US currency was listed at 55.80 pounds for buying and 55.90 pounds for selling at both Egyptian Gulf Bank and Next Bank, while First Abu Dhabi Bank offered 55.76 pounds for buying and 55.86 pounds for selling.

The exchange rate of the US dollar is closely watched in Egypt, as its movements impact the cost of importing goods and raw materials, which in turn can affect local product prices.