The black market dollar is witnessing a noticeable decline at this time, falling below the level of 42 pounds, after reaching above fifty pounds at times.
Bloomberg reported that dollar bonds in Egypt reduced their losses. This comes as part of the return of hot money to emerging markets due to expectations that the Federal Reserve will soon end the current monetary tightening cycle. The Bloomberg Emerging Market Bond Index rose by more than 4% during the month of November, the largest monthly increase in a year.
While credit default swaps fell to 1,296, down from 1,884 a month ago.
This indicates that the current crises may be coming to an end.
Importers’ concessions on foreign currencies at bank branches have increased significantly since the beginning of last October, contributing to reducing the customs clearance crisis.
Informed banking sources revealed that there were abundant concessions on foreign currencies, paid mainly by importers, in amounts exceeding the value required to complete their import operations, especially for substitute goods.
The sources, who refused to disclose their identity, continued that the process of waiving foreign currencies takes place separately and through customer accounts, as banks request that customers first waive foreign currencies in exchange for obtaining the equivalent in Egyptian pounds in their accounts, and then use that dollar value to finance the credit. Documentary.
Banks request that importers waive a value ranging between 110% and 120% of the value of the documentary credit required to be opened to import goods, in order to agree to open the credits, according to the sources.
A banking official said that any dollar surpluses entering the banks are directed to manage the outstanding requirements of foreign currency for the release of shipments at the ports, which raise the costs significantly for importers, and are later charged to the prices of various goods and commodities.
The volume of goods accumulated at the ports declined by about 17% last October, equivalent to $800 million, to reach about $3.9 billion, compared to $4.7 billion at the end of last September, according to statements from government sources.
The Ministry of Finance revealed in a previous statement that goods worth $56.7 billion were released from the beginning of the year until mid-October, including strategic goods worth $15.1 billion and production supplies and services worth $26.2 billion.
On the other hand, importers confirmed payment for the required credits in foreign currencies at a value greater than the value of the goods, confirming that they had received a refund for amounts that exceeded the value of the credit in their accounts in local currency.
They added that despite the difficulty of procuring currency and the cost they bear, banks have contributed greatly to stopping the losses of goods delayed at the ports.
Customs release operations are carried out by giving priority to basic and food commodities, food manufacturing components, medicines, petroleum materials and fuel, and everything related to production requirements.
The price of the dollar against the Egyptian pound stabilized during today, Thursday, November 23, 2023, until the end of trading in all banks operating in Egypt.
“Banker” reviews the price of the dollar in a number of banks, in addition to the Central Bank of Egypt.
National Bank of Egypt: 30.75 pounds to buy, and 30.85 to sell.
Banque Misr 30.75 pounds to buy, and 30.85 to sell.
Cairo Bank: 30.85 pounds to buy, and 30.95 to sell.
Commercial International Bank (CIB) recorded 30.85 pounds for purchase, and 30.95 for sale.
Qatar National Bank (QNB) recorded 30.85 pounds for purchase, and 30.95 for sale.
While the dollar exchange rate at the Central Bank recorded 30.83 pounds for purchase, and 30.96 for sale.
While the dollar recorded the highest price at Abu Dhabi Islamic Bank, 30.90 pounds for purchase, and 30.95 for sale.
2023-11-23 21:03:58
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