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They explained that informal transactions took place at the price of 16.15 pounds for the dollar, compared to the offer price of 15.75 pounds at exchange offices and banks.
And spotted Egypt 327 cases of respiratory disease caused by the virus, including 14 deaths, the Ministry of Health said on Monday.
Last week, she hung Egyptian government All commercial flights in an effort to contain the outbreak, in a devastating step for the tourism sector that brought in the country $ 12.5 billion in 2019.
Al-Mal newspaper reported that the number of container ships passing through the Suez Canal fell 7.3 percent in February, in an indication that Corona Virus It shrinks the global trade movement.
Economists say active trading in Egyptian treasury bills To take advantage of the interest rate differentials have slowed in the past few weeks, with foreign investors withdrawing dollars from Egypt.
But despite that, and with foreign reserves of $ 45.51 billion at the end of February, Egypt has enough cash in its coffers to support the currency – which has lost little of its value in the official market since the epidemic broke out compared to the currencies of other emerging market countries such as Russia AndTurkey And South Africa.
Company reported "Naeem" Mediation in today’s note that the dollar is trading between 16.10 and 16.15 pounds in the parallel market, but it is meager trading with importers postponing orders.
The memo explained "Banks have started rationalizing their foreign exchange balances (prioritizing necessary imports) in response to declining inflows from tourism and the displacement of hot money".
She added "In light of the expected depletion of (foreign) liquidity among banks further in the coming months, we expect that the (Central Bank) will from time to time bridge the deficit by selling the dollar to the banks", Adding that it expects foreign reserves to decline between one billion and 1.5 billion dollars a month.
The central bank runs the currency closely, and sometimes puts pressure on banks, in order not to let them depreciate, according to the agency "Reuters".
In another step, he informed central bank Commercial banks, on Monday, cut interest rates on dollar deposits to one percentage point above the interest rate offered between London banks (LIBOR) instead of 1.5 percentage points before that.
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They explained that informal transactions took place at the price of 16.15 pounds for the dollar, compared to the offer price of 15.75 pounds at exchange offices and banks.
Egypt has reported 327 cases of respiratory disease caused by the virus, including 14 deaths, the Ministry of Health said on Monday.
Last week, the Egyptian government suspended all commercial flights in an effort to contain the outbreak, in a devastating step for the tourism sector that brought the country $ 12.5 billion in 2019.
Al-Mal newspaper reported that the number of container ships passing through the Suez Canal declined 7.3 percent in February, in an indication that the Corona virus was reducing the global trade traffic.
Economists say that active trading in Egyptian treasury bills to benefit from interest rate differentials has slowed in the past few weeks, with foreign investors withdrawing dollars from Egypt.
But despite that, and with foreign reserves of $ 45.51 billion at the end of February, Egypt has enough cash in its coffers to support the currency – which has lost little of its value in the official market since the epidemic broke out compared to the currencies of other emerging market countries such as Russia, Turkey and South Africa.
The company “Naeem” brokerage said in a note today that the dollar is trading between 16.10 and 16.15 pounds in the parallel market, but it is poor trading with importers postponing orders.
“The banks began rationalizing their foreign exchange balances (prioritizing necessary imports) in order to cope with the decline in inflows coming from tourism and with the displacement of hot money,” the note said.
She added, “In light of the expected depletion of (foreign) liquidity among banks more in the coming months, we expect that (the central bank) will from time to time bridge the deficit by selling the dollar to the banks,” adding that it expects foreign reserves to decline between 1.5 and 1.5 billion. One billion dollars per month.
The central bank runs the currency closely, and sometimes puts pressure on banks, not to let them depreciate, according to Reuters.
In another step, the central bank informed commercial banks, on Monday, of reducing interest rates on dollar deposits to one percentage point above the interest rate offered between London banks (LIBOR) instead of 1.5 percentage points before that.
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