Black market dollar price drops in Egypt following Central Bank decisions

The price of the dollar decreased on the black market in trading today, Wednesday, June 14, 2023, according to dealers, as a result of the recent decisions of the Central Bank of Egypt and the news that the central bank did not float the pound.

The price of the dollar on the black market in Egypt during trading today, Wednesday, ranged between 34 and 35 pounds, at a time when the price of the dollar remained stable for more than 100 days at the level of 30.85 pounds for purchase and 30.95 pounds, according to the average price of the dollar in Egyptian banks.

It should be noted that the American bank, Citigroup, expected that Egypt would postpone the devaluation of its currency until at least September.

And the bank said that tourism revenues and the sale of government assets could contribute to relieving pressure on the economy.

According to the bank’s expectations, the price of the pound will decrease against the dollar to 36 pounds per dollar by the end of next December.

And quoting the Russian agency Sputnik .. In a number of experts, they confirmed that the Central Bank of Egypt is likely waiting for tourism revenues to reach about $ 14 billion, and its entry into the economy before deciding on the need for another re-pricing of the pound.

Also, reports ruled out that the Central Bank of Egypt would resort to any move to devalue the currency, and this was before the government achieved remarkable progress in the asset sale file, which aims to collect $2 billion in the current fiscal year, and about $4.6 billion in the next fiscal year.