12:38 PM Thursday, January 04, 2024
Written by Manal Al-Masry:
The price of the dollar against the pound on the black market for currency trading (the unofficial market) stabilized without change during the last transactions of the week today, Thursday, compared to the same transactions last Sunday, according to what one of the observers of the exchange rate movement told “Masrawy.”
The price of the dollar on the black market remained trading at 53 and 54 pounds over the course of this week, at the same high level it reached last December.
During the last two years, speculation on the dollar has returned on the black market due to the shortage in the supply of foreign exchange in banks and money exchanges and the increased demand for purchasing it from customers.
The banking sector’s imposition of restrictions on the borders of international transactions for the use of payment cards outside or inside has led to an increase in demand for the dollar on the black market.
During the past year, the Central Bank directed banks to permanently stop the direct debit (Debit) cards linked to the customer’s account and the prepaid cards for international transactions outside and inside Egypt, citing misuse by customers.
Banks restricted the maximum limits for the use of credit cards inside and outside Egypt, and international transactions on newly issued cards were halted, causing increased speculation on the dollar and other foreign currencies on the black market.
2024-01-04 10:38:00
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