dollar price.. come closer dollar price On the black market, its value in banks decreased after it witnessed a decline of 12 pounds, dropping from the level of 38 pounds to 26 pounds, which was a severe blow to currency dealers during the past days.
At the level of national banks and the central bank, the exchange rate of the dollar against the Egyptian pound stabilized today, Monday, in most banks for the seventh day in a row, while it declined strongly at the global level during the past days, recording low levels.
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The black dollar collapsed, which illustrates the extent of the state’s successful efforts to eliminate the parallel market that harms the state and citizens and achieve market stability, as confusion and confusion dominated the merchants of dealers in the parallel market that harms national interests, as the exchange rate of the dollar continued its strong decline after the Central Bank’s decision to raise the price of The interest is 300 basis points, or 3%, with the International Monetary Fund approving a $3 billion loan to Egypt.
raise interest rates
Perhaps the most prominent reason for the stability of the Egyptian pound is the decision of the Central Bank of Egypt to raise the interest rate on banking transactions for the second time in a row to ease the pound and support it against other currencies, by 3%, equivalent to 300 basis points, during a meeting of the Monetary Policy Committee chaired by Hassan Abdullah, Governor of the Central Bank.
The bank set, in a statement issued by it, the deposit return rate at 16.25%, the one-night borrowing rate at 17.25%, the rate of the main operation of the Central Bank at 16.75%, and the interest rate on credit and discount was raised at 16.75%, which strengthened the value of the pound.
The price of the dollar stabilized after the International Monetary Fund announced in the early hours of Saturday morning, December 17, in the Executive Council meeting, its approval to grant Egypt a loan of $3 billion for a period of 46 months, and accordingly, the price of the dollar collapsed in the parallel market as soon as the first tranche of the loan was approved.
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.
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, according to the “Wall Street Journal”.