Cairo - Mubasher: Wednesday’s night trade in Egyptian banks saw a decline in the exchange rate of the US Dollar against the Egyptian Pound to levels below EGP 18.

At Abu Dhabi Islamic Bank (ADIB) the dollar registered EGP 17.9 for buying and around EGP 18 for selling.

Meanwhile, Commercial International Bank, the United Bank, Housing and Development Bank, and Egyptian Gulf Bank set the buying price at EGP 17.95 and EGP 18.05 for selling.

It is worth noting that these are the lowest exchange rates seen in Egyptian banks in 2017.

On 3 November, the Central Bank of Egypt (CBE) decided to free float the exchange rate of the Egyptian Pound.