In a new development, informed sources said Egyptian authorities had begun tightening control over currency traders and dollar speculators, as part of a campaign to stifle the black market and halt exchange rate hikes, reducing at the same time the gap between the exchange rates in the official market and in the parallel market.
The sources, who asked not to be named, told Al-Arabiya.net that black market transactions are carried out very cautiously and on a small scale, while a large number of senior traders have hidden from sight and switched place and began dealing only with small traders and through intermediaries.
Read more: Egyptian Pound is Facing Third Price in 2022.. Expert Explains Expected Price!
On the other hand, exchange rates stabilized on the official market, after the dollar exchange rate increased by about 3 piasters in Egyptian banks. The dollar’s exchange rate has experienced significant movement against the Egyptian pound lately, having risen between 50 and 60 piasters over the past month.
Across the two largest government banks by assets and transactions, the dollar rate at the National Bank and Banque Misr stabilized at £24.64 buying and £24.69 selling.
In private banks, the dollar exchange rate in the Commercial International Bank of Egypt recorded a level of 24.68 pounds for buying and 24.75 pounds for selling, and in the Egyptian Gulf Bank it recorded about 24.72 £24.75 per purchase and £24.75 per sale. And at the Central Bank of Egypt, the average price of the dollar against the pound was recorded. The Egyptian level is 24.69 pounds for buying and 24.74 pounds for selling.
As for the major currencies, the European currency, the euro, registered an increase between 2 and 7 piasters, buying and selling in Egyptian banks. The euro exchange rate at the National Bank of Egypt and Banque Misr reached £26.06 for buying and £26.29 for selling.
Read more: Banks reduce dollar withdrawal and purchase limits outside Egypt
In the Commercial International Bank of Egypt, the euro exchange rate registered a level of 26.11 pounds for buying and 26.36 pounds for selling. At the Central Bank of Egypt, the euro exchange rate stabilized at £26.20 for buying and £26.25 for selling. The pound sterling also stabilized at £29.78 buys and £30.17 sells, at the National Bank of Egypt and Banque Misr. At the Commercial International Bank of Egypt, it settled at £29.83 for the buy and £30.24 for the sell. At the Central Bank of Egypt, the exchange rate of the pound sterling reached £30.06 for buying and £30.13 for selling.
In the Arab world, the Saudi riyal exchange rate stabilized at the National Bank of Egypt and Banque Misr, at £6.55 for purchases and £6.56 for sales. The UAE dirham exchange rate recorded a level of £6.71 buying and £6.72 selling. The exchange rate of the Kuwaiti dinar also stabilized at £77.78 buys and £80.64 sells.
