The Commercial International Bank (CIB) decreased the US dollar price to EGP 16.99 for buying and EGP 17.09 for selling, the first time the US dollar value go down EGP 17 level in banks since March 2017.
The Bank of Alexandria recorded EGP 17 to buy and EGP 17.1 to sell, while in the National Bank of Egypt, Banque Misr, QNB Al Ahli, and Audi bank the US dollar recorded EGP 17.01 to buy and EGP 17.11 to sell.
The average dollar price on Wednesday recorded EGP 17.01 to buy and EGP 17.14 to sell.
The average price of US dollar in banking transactions with its customers on Tuesday was EGP 17.02 for purchase and EGP 17,12 for sale.
The US currency value decline was due to the strong flows of foreign currency in the Egyptian market during the last period, as bank officials explained.
An official from the Central Bank of Egypt estimated the amount of foreign exchange received by banks since the beginning of the year at $24.7bn.
Chairperson of Banque Misr, Mohamed El-Etreby, said on Tuesday that his bank alone received some $5.3bn since the beginning of 2019.