A sharp decline in the price of the dollar on the black market today.. What is happening? – Masrawy – Masrawy

Written by Manal Al-Masry:

In a surprising development, the price of the dollar on the black market for currency speculation (the unofficial market) witnessed a significant decline by about 5 pounds during Thursday’s trading for the first time in a month, according to what observers Masrawy spoke to said.

Observers explained that the price of the dollar on the black market fell to about 47 pounds during today’s trading, compared to about 52 pounds during yesterday’s trading due to the sharp decline in purchase orders for it.

During the month of November, the price of the dollar recorded successive jumps in black market transactions, reaching the level of 52 pounds due to a sudden increase in demand for its purchase in exchange for a shortage in supply in banks and ATMs.

The sources added that the movements of the price of the dollar on the black market, whether rising or falling, are strongly affected by the size of the sudden demands for it. The higher the demand, the higher the price, or vice versa.

Banks are facing severe pressure from a shortage of foreign exchange after the exit of indirect investments worth $22 billion in the middle of last year due to the negative consequences of the Russian-Ukrainian war.

Thus, the gap in the dollar exchange rate between the black market and the banks is reduced to about 16 pounds, as it is recorded in the banking sector near 31 pounds, which is a fixed rate since last March.

The price of the dollar rose against the pound by about 96%, after three waves of devaluation of the pound, bringing the price of the American currency from 15.76 pounds on March 20, 2022 to about 30.94 pounds currently, which is the level it has been stable at since last March until now.