Despite the Central Bank of Egypt’s announcement of an increase in net foreign reserves, the price of the dollar jumped against the Egyptian pound in the parallel market to a new record level, according to what local media reported.
The price of the dollar rose by at least 5 pounds, to exceed 47 pounds, according to the newspaper “MasrawyAnd 48 pounds, according to the website.Exchange today“, Tuesday, compared to 42 pounds, one week ago, while its official price in banks is still about 31 pounds.
The “Masrawy” website attributed this jump to the high demand for purchasing it, due to the continuing pressures of currency shortages in banks and ATMs.
Banking experts considered that “the Central Bank’s recent decisions regarding limiting the size of dollar payments via the Internet to a maximum of about $250, in addition to stopping the withdrawal of dollars by direct debit card or debit card from abroad except with specific controls, have led to the difficulty of providing dollars to customers wishing to… Obtaining the dollar urgently, which prompted them to go to the black market,” according to what was reported by the website “Cairo 24“.
The “Al-Sarf Al-Youm” website indicated that the deterioration of the Egyptian pound’s exchange rate is causing a state of stagnation and crisis in the markets.
The government raised the price of gasoline by 14% last Friday, with plans to raise fuel, energy, and transportation prices early next year, within the framework of an agreement with the International Monetary Fund, stipulating the liberalization of the exchange rate and energy and fuel prices, thus increasing the expected burdens on the industrial and production sectors, according to the website. “Exchange today.”
This decline in the Egyptian pound comes despite the Central Bank’s announcement, last Sunday, that Egypt’s net foreign reserves rose to $35.102 billion in October, from $34.97 billion in September.
Many analysts believe that despite inflation rising to a record high of 38 percent in September, the central bank will leave interest rates and the currency exchange rate against the dollar unchanged, even after the presidential elections scheduled for mid-December.
2023-11-07 15:03:58
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