The selling price of the dollar in banks and the black market – the parallel market for currency trade – reached the break-even point, after the Central Bank of Egypt’s decision yesterday to liberalize the exchange rate of the pound against other foreign currencies.
The gap in the dollar price in the parallel market and banks had reached more than 130% in previous times before the gap between the two prices disappeared from yesterday and today.
According to Egyptian media, an increase in the reluctance of individuals and companies to sell the dollar in banks and ATMs was observed, which led to the unification of the exchange rate and the return of foreign exchange flows to the official arteries of the banking sector.
Yesterday, Wednesday, the Central Bank of Egypt announced a return to exchange rate flexibility – floating the pound against the dollar – with its price determined according to market mechanisms – supply and demand.
The Central Bank explained in a statement yesterday that unifying the exchange rate – eliminating the black market – is a very important measure, as it contributes to eliminating the accumulation of demand for foreign exchange after closing the gap between the official and parallel market exchange rates.
The price of the dollar in banks reached from 30.94 pounds on Tuesday to 50 pounds during the middle of yesterday’s trading on Wednesday, before it began to decline to about 49.5 pounds during today’s trading.
Some bank heads said that the movement of customers and companies selling dollars in banks returned starting yesterday after the decision to liberalize the exchange rate after an absence that extended for about two years.
2024-03-07 18:38:03
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