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The US dollar continued its decline in the local market for the third consecutive day on Wednesday to reach LE 17.23 for the purchase in three banks, including the Commercial International Bank (CIB), the largest private bank in Egypt.
The price of the US currency in the rest of the banks ranged between 17.29 pounds and 17.24 pounds, while there was expectation of a continued decline in price over the coming period in because of the increased liquidity of the dollar banks and international reserves – foreign exchange reserves – of the Central Bank, which exceeded $ 44 billion.
"The increase in Egyptian remittances abroad and foreign exchange concessions is one of the main reasons for the dollar's fall," said a source close to the bank. ;State.
Al-Masry Al-Youm said that Al-Ahly, Egypt and international commercial banks are the largest banks with dollar resources, the interbank mechanism providing the dollar to other banks facing a shortage currency.
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