The price of the dollar in Egypt continued to rise against the Egyptian pound in Thursday morning trading. According to the official website of the Central Bank of Egypt The exchange rate of the green US paper roseto the level of 24.44 pounds for buying, compared to 24.53 pounds for selling.
The exchange market in Egypt has witnessed major shifts since the beginning of 2022, and after the first flotation announced by the Central Bank of Egypt at its extraordinary meeting last March, the Egyptian currency declined by about 24%, after the dollar exchange rate jumped from the level of 15.74 pounds to about 19.64 pounds in the previous year. end of last October.
However, since the second flotation at the end of October until now, the Egyptian currency has declined by about 24.9%, after the exchange rate of the dollar rose from the level of 19.64 pounds, to about 24.53 pounds at the present time, and with regard to the total losses of the Egyptian pound since last March until today, the currency has declined The Egyptian bank rose about 55.8% against the dollar, after the US green note rose by about 8.79 pounds.
In 3 banks led by Al-Ahli Bank of Kuwait and Abu Dhabi Islamic Bank, the dollar exchange rate rose to the level of 24.8 pounds for purchase, compared to about 24.51 pounds for sale. And in 6 banks, led by the Commercial International Bank – Egypt and Al-Mashreq, the exchange rate of the dollar recorded a level of 24.46 pounds for purchase, compared to 24.51 pounds for sale.
At the Central Bank of Egypt, the exchange rate of the US green note rose to 24.44 pounds for purchase, compared to 24.53 pounds for sale. The lowest exchange rate for the dollar came in 16 banks led by the National Bank of Egypt and Banque Misr, at 24.41 pounds for purchase, compared to about 24.51 pounds for sale.
The Central Bank of Egypt began implementing the flexible or managed float policy since the end of last October, as part of an attempt to control the exchange market. However, until now, speculation is taking place on the dollar in the parallel market, although its pace has decreased over the past days.
In parallel with the devaluation of the Egyptian pound, the Central Bank of Egypt announced the cancellation of dealing with documentary credits with regard to imports, especially after the accumulation of goods in Egyptian ports, which caused a shortage of a number of commodities. Documentary credits are scheduled to expire at the end of next December, according to the instructions of the Central Bank of Egypt.