Egypt
After stabilizing for a short period during trading, yesterday, Sunday, the Egyptian pound fell again during today’s trading, to record a decline against all foreign and Arab currencies.
The pound fell during the middle of the day’s trading, within the range of 5 piasters, amid remarkable fluctuation in prices, as it fell in early transactions in national banks, before retreating with the half-way of transactions.
And after the last flotation in the week before last, HSBC Bank raised its expectations for the price of the dollar against the pound, likely to record in the near term 32.5 pounds on average, compared to 26 pounds in previous expectations.
HSBC said the current round of currency devaluation is part of a long-anticipated campaign to rebalance Egypt’s external accounts after last year’s external shocks.
pound now
Today, Monday, exchange rates witnessed a decrease in the pound in private banks, which averaged 5 piasters, to record a price of 29.7 pounds per dollar for sale, and levels of 29.6 pounds per dollar for purchase.
And in national banks, and after the decline in early trading to levels of 29.45 pounds per dollar, the pound has now declined with mid-trading, according to data from the National Bank of Egypt, to levels of 29.57 pounds per dollar for sale and levels of 29.52 pounds per dollar for purchase.
And in the Central Bank of Egypt, the exchange rate of the pound against the dollar recorded levels of 29.65 pounds for the dollar for sale and levels of 29.56 pounds for the dollar for purchase, according to yesterday’s price list, Sunday.
The pound against Arab and foreign currencies now:
According to Central Egyptian data, the Kuwaiti dinar recorded the highest price among Arab and foreign currencies, near levels of 97.2 pounds per dinar, while the Saudi riyal recorded the lowest price against the pound among the most traded Arab currencies, at levels below 8 pounds per riyal.
25% Certificates
Mohamed El-Etreby, Chairman of the Board of Directors of Banque Misr, said in a statement today, Monday, that Talaat Harb’s certificate, with an annual return of 25%, has achieved its desired goal, and its work will be suspended within days, by the end of January.
On January 4, Banque Misr announced the issuance of a one-year certificate with a fixed return of up to 25%, to be spent at the end of the maturity date.
Treasury bill sales
Sales of Egyptian 91-day treasury bills jumped to 87.07 billion Egyptian pounds ($2.94 billion) in an auction yesterday, Sunday, compared to 14.67 billion pounds last week, with the continued flow of investors after a sharp decline in the value of the pound against the dollar.
Sales of 273-day treasury bills, which were also offered on Sunday, rose to 10.72 billion pounds from 135.6 million pounds last week, according to central bank data.
The central bank said that the average return on 91-day bills rose to 20.52 percent from 20.281 percent, while the average return on 273-day bills rose to 21.484 percent from 20.949 percent.
flotation losses
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The fourth flotation.. January 2022 The pound fell from levels of 24.8 pounds per dollar to levels of 29.7 pounds per dollar, a decline of 20%.
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The third flotation.. October 2022 The pound fell from levels of 19.7 pounds per dollar to levels of 24.8 pounds per dollar, a decline of 25.4%.
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The second flotation.. March 2022 The pound fell from levels of 15.77 pounds per dollar to levels of 19.7 pounds per dollar, a decline of 25.4%.
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The first flotation.. November 2016 The pound fell from levels of 8.88 pounds per dollar to levels of 15.77 pounds per dollar, a decline of 78%.
