The price of the dollar on the black market in Egypt experienced a significant collapse today, Wednesday, June 21, just hours before the meeting of the Central Bank of Egypt. Reports indicate that the price of the dollar among currency dealers in certain regions of the country dropped to 37.50 pounds, a decrease of three and a half pounds from its previous high of 41 pounds.
This decline in the dollar price can be attributed to recent statements made by President Abdel Fattah El-Sisi during his participation in the National Youth Conference in Alexandria. El-Sisi emphasized that there is flexibility in the exchange rate, but it should not compromise the national security of the state or negatively impact the lives of Egyptian citizens.
As for the official exchange rate, the price of the dollar today in various banks is as follows:
1. National Bank of Egypt: 30.75 pounds for purchase and 30.85 pounds for sale.
2. Commercial International Bank: 30.85 pounds for purchase and 30.95 pounds for sale.
3. Bank of Alexandria: 30.85 pounds for purchase and 30.95 pounds for sale.
4. Housing and Development Bank: 30.73 pounds for purchase and 30.83 pounds for sale.
5. Banque Misr: 30.75 pounds for purchase and 30.85 pounds for sale.
6. Abu Dhabi Islamic Bank: 30.85 pounds for purchase and 30.95 pounds for sale.
7. Suez Canal Bank: 30.85 pounds for purchase and 30.95 pounds for sale.
In other news, the Monetary Policy Committee of the Central Bank, led by Dr. Hassan Abdullah, is scheduled to hold its meeting tomorrow evening to discuss interest rates in financial transactions with banks operating in the Egyptian market. In the previous meeting held in May, the Committee decided to maintain the deposit and borrowing interest rates at 18.25%, 19.25%, and 18.75%, respectively, while keeping the credit and discount rates at 18.75%.
The decline in the black market price of the dollar and the upcoming meeting of the Central Bank’s Monetary Policy Committee have sparked interest and speculation among investors and the public. Many are eager to see the outcome of the meeting and its potential impact on the Egyptian economy.
How might the outcome of the upcoming meeting of the Central Bank’s Monetary Policy Committee impact the black market price of the dollar and the overall Egyptian economy
The black market price of the dollar in Egypt took a major plunge today, just hours before the Central Bank of Egypt’s meeting. Currency dealers in certain regions reported a drop to 37.50 pounds, marking a significant decrease from its previous high of 41 pounds.
This sudden decline can be attributed to President Abdel Fattah El-Sisi’s recent statements during the National Youth Conference in Alexandria. El-Sisi highlighted the importance of maintaining a flexible exchange rate that does not compromise national security or negatively impact the lives of Egyptian citizens.
As for the official exchange rate, various banks are offering the following prices for the dollar today:
– National Bank of Egypt: 30.75 pounds for purchase and 30.85 pounds for sale.
– Commercial International Bank: 30.85 pounds for purchase and 30.95 pounds for sale.
– Bank of Alexandria: 30.85 pounds for purchase and 30.95 pounds for sale.
– Housing and Development Bank: 30.73 pounds for purchase and 30.83 pounds for sale.
– Banque Misr: 30.75 pounds for purchase and 30.85 pounds for sale.
– Abu Dhabi Islamic Bank: 30.85 pounds for purchase and 30.95 pounds for sale.
– Suez Canal Bank: 30.85 pounds for purchase and 30.95 pounds for sale.
Meanwhile, the Central Bank’s Monetary Policy Committee, led by Dr. Hassan Abdullah, is set to discuss interest rates in financial transactions with banks operating in the Egyptian market during their upcoming meeting tomorrow evening. The committee’s previous meeting in May resulted in the decision to maintain deposit and borrowing interest rates at 18.25%, 19.25%, and 18.75%, respectively, while keeping the credit and discount rates at 18.75%.
The drop in the black market price of the dollar and the anticipation surrounding the Central Bank’s meeting have generated interest and speculation among investors and the public. Many are eagerly awaiting the meeting’s outcome and its potential impact on the Egyptian economy.
The declining dollar price on the black market reflects concerns over interest rates and assumptions. This article provides a valuable update on the current state of affairs, shedding light on the larger implications for the economy.
This article provides a comprehensive update on the decline in the dollar price on the black market, shedding light on the impact of interest rates and underlying assumptions. A succinct and insightful read for those interested in understanding the complexities of this issue.