The Egyptian pound has faced several waves of price fluctuations recently, especially with the remarkable rise in the price of the dollar on the black market. This situation brought with it many questions: Why does the price of the dollar rise on the black market while it remains stable in banks? Is the Egyptian economy heading towards a new crisis? Let’s try to answer these questions by comparing dollar prices in banks against the black market.
The price of the dollar in banks is stable against fluctuations
It was noticeable that the price of the dollar in banks stabilized for nearly 50 days. For example, in the National Bank, Bank of Alexandria, and Banque Misr, the price of the dollar against the pound recorded 30.85 pounds for purchase and 30.75 pounds for sale. On the other hand, the dollar rose in the Abu Dhabi Bank, reaching 30.95 pounds for buying and 30.90 pounds for selling. Despite the remarkable stability in banks, the black market began to record increases in the price of the dollar. This increase reflects tension and perhaps anxiety in the local market.
According to the information that was monitored in the parallel market, the price of the dollar on the black market today recorded a purchase of 38.20 and a sale of 39.20. While the previous closing was at 39.20.
What sustains the black market?
One of the reasons for the black market is the growing demand for US currency among individuals and companies who find it difficult to obtain dollars through official channels. In addition, some tend to hedge against future fluctuations in the exchange rate by buying dollars on the black market. High rates on the black market are evidence of economic tensions. It may lead to higher commodity prices and spur inflation.
2023-08-11 01:37:11
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