The US dollar continued its downturn against the Egyptian pound in six banks operating in the local market on Monday, while the US currency remained stable against the local currency in four other banks.
The US dollar lost two piasters in the Egyptian National Bank and the Suez Canal Bank, recording EGP 16.71 for buying and EGP 16.81 for sale.
Meanwhile, it also dropped by two piasters in the Commercial International Bank, setting EGP 16.67 for buying, and EGP 16.77 for sale.
Moreover, the US dollar lost about three piasters in the Bank of Alexandria reaching EGP 16.67 for buying, and EGP 16.77 for sale.
The US dollar also lost 3 piasters in the Arab African International Bank, recording EGP 16.70 for buying, and EGP 16.80 for sale.
The price of buying the American currency also declined two piasters against the Egyptian currency in the Abu Dhabi Islamic Bank, reaching EGP 16.74, while the selling price declined by 1 piaster, recording EGP 16.85.
On the other hand, the price of the US dollar has seen a state of stability against the Egyptian pound in both Banque Misr and Al Baraka Bank, recording EGP 16.73 for buying, and EGP 16.83 for selling.
Dollar prices continued to stabilise also in the Housing and Construction Bank and the Credit Agricole Bank, reaching EGP 16.70 for buying and EGP 16.80 for selling.
Meanwhile, the US dollar remained stable against the Egyptian pound in the Central Bank of Egypt, recording EGP 16.69 for buying and EGP 16.79 for sale.
Noteworthy, the Capital Economics stated that the Egyptian pound is the best currency globally in terms of its performance against the US dollar in 2019, where it went up by 7% against the American currency since the beginning of the year.
However, the London-based economic research consultancy expected that the Egyptian pound would fall against the US dollar to EGP 18 by the end of the year.