The US dollar lost more than 5 piasters from its value against the Egyptian pound on Monday, averaging EGP 17.28 for buying, and EGP 17.38 for selling, down from EGP 17.33 for buying and EGP 17.43 for selling on Sunday.

Since the beginning of March, the value of the US dollar against the Egyptian pound decreased by 19.5 piasters, bringing the total drop since January to EGP 0.6.

According to a senior bank official, banks operating in the local market received foreign exchange (FX) inflows exceeding $4bn in both January and February 2019, which led to an increase in the US currency supply, and, in turn, to the decline in its price against the Egyptian pound.