The exchange rate of the dollar fell against the pound, on Sunday evening, February 23, 2020 in government banks, at a value of 7 piasters, and the price of the green currency in Banque du Caire reached 15.50 pounds for purchase, and 15.60 pounds for sale.
And the dollar recorded at the Suez Canal Bank 15.51 pounds for purchase, 15.61 pounds for sale, and in the Commercial International Bank recorded 15.49 pounds for purchase, and 15.59 pounds for sale.
The price of the dollar in Abu Dhabi Islamic Bank was 15.54 pounds for purchase and 15.63 pounds for sale.
While the price of the green currency in Banque Misr recorded 15.51 pounds for purchase and 15.61 pounds for sale, and in the National Bank of Egypt recorded 15.51 pounds for purchase, and 15.61 pounds for sale.
The primary function of the foreign exchange reserves at the Central Bank, with its components of gold and various international currencies, is to provide basic commodities and pay the premiums and benefits of external debt, and to confront economic crises, in exceptional circumstances, with resources affected by hard currency-generating sectors, such as exports, tourism and investments, Because of the turmoil, however, other sources of hard currency, such as remittances from Egyptians abroad that have reached a record level, and the stability of the Suez Canal revenues, contribute to supporting the reserve in some months.
The exchange rate in Egyptian banks is determined according to the mechanism of supply and demand, and the higher the dollar supply and the decrease in demand for it, the lower the price of the dollar.
In a previous report, Bloomberg International predicted that the pound would continue to rise, with the increase in foreign exchange flows, adding that the rise of the pound whose exchange rate had been liberalized in late 2016 led to an increase in the attractiveness of investment in debt instruments in the local currency last year.
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