The price of the dollar in Egypt is stable at this level…and the black market is waiting

The exchange rate of the dollar against the Egyptian pound stabilized at the beginning of trading today, Sunday, but the black market is in a state of anticipation, with weak buying demand.

testified The exchange rate of the dollar made a big move against the Egyptian pound In the official market during the last period, as it increased during the past month between 50 and 60 piasters.

Since the beginning of this year, the price of the Egyptian pound has witnessed sharp and violent declines against the US dollar, as the dollar exchange rate rose from the level of 15.74 pounds at the beginning of the year, to the level of 24.74 pounds at the present time.

Days after the Executive Board of the International Monetary Fund announced its approval of the financing package for Egypt, the Monetary Policy Committee of the Central Bank of Egypt, which held its eighth and final meeting this year, last Thursday, announced raising the rates of the one-night deposit and lending return and the price of the main operation of the Central Bank by 300. basis points to reach 16.25%, 17.25%, and 16.75%, respectively.

And in the two largest banks in terms of assets and transactions, the National Bank of Egypt and Banque Misr, the exchange rate of the dollar in today’s transactions recorded a level of 24.64 pounds for buying, and 24.69 for selling.

In private banks, the exchange rate of the dollar at the Commercial International Bank of Egypt recorded a level of 24.68 pounds for purchase, and 24.75 pounds for sale.

And in the Central Bank of Egypt, the average price of the dollar against the Egyptian pound recorded 24.67 pounds for purchase, and 24.74 pounds for sale.

On the other hand, the parallel market is witnessing a state of caution and anticipation, with weak buying demand. Some dealers explained the stagnation in the black market at the present time, as investors, especially importers, await new measures by the Central Bank of Egypt and solve the crisis of dollar scarcity in banks.

In addition, the documentary credits mechanism, which caused a violent crisis and was behind the accumulation of huge quantities of goods in Egyptian ports, is about to come to an end due to the inability of importers to provide what is necessary for the release of these goods and merchandise.

According to unofficial estimates, the goods detained in the Egyptian ports need more than 6 billion dollars to solve the crisis of the accumulation of goods in the ports in order to release them.

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