CAIRO, Jan 16 (Aswat Masriya) - Banks increased U.S. dollar exchange rate 10 piasters on Monday.

The National Bank of Egypt and Banque Misr exchange rate for selling reached EGP 18.7, and EGP 18.6 for buying early Monday; increasing from EGP 18.6 for selling and EGP 18.5 for buying.

In Banque Du Caire, the rate of selling reached EGP 18.9 up from EGP 18.8, whereas the buying rate increased to EGP 18.75 from EGP 18.65.

In the Commercial International Bank (CIB), the exchange rate stayed at EGP 18.85 for selling and EGP 18.75 for buying.

Meanwhile, in the Arab African International Bank (AAIB) the selling rate increased 10 piasters to EGP 18.9, and the buying rate increased 15 piasters reaching EGP 18.8.

In early November 2016, the Central Bank of Egypt fully floated the Egyptian pound saying  that the banking sector will take charge in determining the exchange rate.

The decision was welcomed by International Monetary Fund (IMF) board which then approved a $12 billion loan to Egypt to support its economic reform programme.