witnessed a strong decline dollar price On the black market, today, Sunday, December 25, 2022, as its price decreased by 12 pounds, down from the level of 38 pounds to 26 pounds, to be a severe blow to currency dealers, and illustrates the extent of the state’s successful efforts in eliminating the parallel market that harms the state and citizens and achieving market stability.
«the week» It provides its followers with knowledge of everything related to the service, the steps and how to implement it, as part of a continuous service it provides to its visitors in various fields, and you can follow up by pressing here.
A state of confusion and confusion dominated the traders dealing in the parallel market, the “black market”, which harms national interests, as the dollar exchange rate continued its strong decline after the Central Bank’s decision to raise the interest rate by 300 basis points, or 3%.
The exchange rate of the dollar against the Egyptian pound in Egyptian banks
At the level of national banks and the central bank, the exchange rate of the dollar against the Egyptian pound stabilized today, Sunday, in most banks for the sixth day in a row, while it declined strongly at the global level during the past days, recording low levels.
IMF loan
The price of the dollar stabilized after the International Monetary Fund announced in the early hours of last Saturday, December 17, at the Executive Board meeting, its approval to grant Egypt a loan of $3 billion for a period of 46 months.
There is no third float
Dr. Mostafa Badra, an economist, was surprised, saying that Egypt had no alternatives to the International Monetary Fund loan, stressing that there was no third flotation of the pound.
Badra said, during his meeting with the journalist Ahmed Moussa, on the program “On My Responsibility” broadcast on the “Sada Al-Balad” channel, that prices may decrease within a month, in light of the directives of President Abdel Fattah Al-Sisi, who promised to solve the crisis within two months, by releasing the goods in ports.
Dollar prices globally
The greenback declined globally, reaching low levels for the first time in months, according to the main dollar index (DXY), which measures the greenback against 6 major currencies.
dollar
The US currency witnessed a strong decline, according to the dollar index, against the rest of the currencies, to record 104.32 points, while it exceeded 114 points last September.
World dollar index
The dollar index retreated from its highest level of 114 points, due to the statements of Jerome Powell, Chairman of the US Federal Reserve, who indicated that the pace of interest rate hikes was slowing at the beginning of this month, which was achieved when he raised interest rates by 50 points, not 75 basis points.
The US Federal Reserve raised interest rates in 2022 several times after the Russian-Ukrainian crisis, with a total value of 4.15 basis points in an attempt to calm high inflation, and this increase is the fastest rate of interest rate hikes since the eighties of the last century.
Read also:
Dollar prices in Egypt, beginning of trading today.. Sunday, December 25th
The future of the dollar price in Egypt after the decisions of the Central Bank
.