For the first time in four months, the exchange rate of the US dollar dropped below EGP 18 on Monday at major banks.

The dollar exchange rate stood at EGP 17.86 for buying and 17.96 for selling at the National Bank of Egypt.

At the Commercial International Bank (CIB), the Arab Bank and Al Ahli Bank of Kuwait, the dollar hit EGP 17.90 for buying and EGP 18 for selling.

In statements to MENA, bankers said that for the first since years ago, the banks achieved additional liquidity of more than 8 billion dollars

The Central Bank of Egypt's cash reserves also exceeded 31 billion dollars by the end of May for the first time since the January 25 Revolution.