The dollar exchange rates witnessed relative stability during trading on Wednesday, against the Egyptian pound in a number of banks operating in Egypt.

The dollar has fallen more than 40 pounds since the beginning of this year.

According to the latest update, the dollar settled at the National Bank of Egypt and Banque Misr, recording LE 16.41 for purchase and LE 16.51 for sale.

The dollar also settled at Commercial International Bank to record 16.39 pounds to buy, 16.49 pounds to sell.

On the other hand, the dollar at Arab African International Bank fell one penny to 16.40 pounds to buy, 16.50 pounds to sell.

In the National Bank of Greece, the dollar fell two piasters to 16.41 pounds to buy, and 16.15 pounds to sell.

The exchange rate in Egyptian banks is determined by the supply and demand mechanism that began with the liberalization of the exchange rate on November 3, 2016. The greater the supply of foreign currency, the dollar, and the lower the demand for it, the lower the dollar.

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