© Reuters.
Investing.com – Egypt has jumped sharply now that the pound has cleared the $30 barrier in Egyptian banks, reaching historic levels that gold markets in Egypt have never seen before.
However, the gains have not stopped so far, as prices move higher during the trading day, coinciding with the instantaneous change in the price of the dollar against the pound, which continues its gains today without stopping so far.
And 21-carat rose by about 100 pounds in just a few minutes, after pre-pound depreciation levels, as it recorded levels of 1725 pounds per gram prior to the decline, and now records levels of 1825 pounds per gram.
Read also
The movement of the pound today
The price in Egyptian banks has now passed the £30-per-dollar levels, while the rest of Egyptian banks are moving higher in the meantime. On the forex screen, the dollar against the pound registered 30.0500, losing 8.68% in one day so far.
The pound is now posting levels of 30.4 against the dollar in Abu Dhabi Islamic Bank, and has also recorded levels of 30.3 pounds per dollar in HSBC Bank.
This comes after the release yesterday by the International Monetary Fund of a report on the financial situation in Egypt and the publication of directives for the economy, the most important of which was the central support for the flexibility of the Egyptian currency vis-à-vis foreign currencies without interference from the plant, except in cases of high volatility, as well as the claim that fuel prices will not be reduced before a full recovery. Value of fuel subsidy. In addition to the fuel pricing mechanism, there will be a domestic gas pricing mechanism to reflect international prices.
The Finance Minister comments on the economic situation
Egypt’s Finance Minister, Mohamed Maait, denied the government’s intention to impose new taxes and affirmed Egypt’s commitment to the fiscal path that stimulates domestic and foreign investment, with the aim of advancing the economy sustainably, underlining that there are no intentions to impose new taxes on economic activities and no prejudice to the rate of commercial and industrial profits.
Maait Wazir said that a bill to end all old tax filings is currently being prepared, stressing that the state does not wish to start tax disputes with the business community.
Despite global economic hurdles, Moati Moati said Egypt aims during the 2023-2024 fiscal year to reduce its budget deficit to 5% levels over the medium term, with the aim of deleveraging to less than 80% of GDP by the end of 2027.
Prices now
The price of gold today is 21 carats
The price of 21-karat gold in the local market recorded levels of 1825 pounds per gram, as it is the most sold carat in the Egyptian market.
Today’s gold price is 24 karats
The price of 24-karat gold has registered around 2086 pounds per gram, and the carat is the highest price in Egypt.
18K Gold Price
While the price of 18-karat gold today has reached around 1564 pounds per gram.
The price of the gold pound
In turn, the price of the gold pound hit the levels of £14,560.
