© Reuters
Investing.com – The black market rate in Egypt remains locked in the 52-53 range at the moment, rebounding from the 49 pound level, the lowest price for the dollar since 2024.
The price of the dollar in the parallel market now records 53 pounds per dollar, which is the same level at which transactions are carried out in peer-to-peer P2P transfers on networks.
Since the announcement of the Ras al-Hikma deal last Friday, the dollar fell in the parallel market to the level of 49 and then rebounded weakly towards 53 at the present time. The current period is witnessing heavy trading as a result of remittances from Egyptians abroad, which have decreased through official channels and headed to several outlets, the most famous of which is the parallel market.
The price of the dollar on the Central Bank’s screen has remained at 30.9 since March 2023 without change. Some news is circulating about new deals that may ensure the pumping of more dollars to Egypt, such as talk of investments in resorts on the Mediterranean and Red Sea coasts, such as Ras El Hekma.
Egyptian Minister of Civil Aviation Mohamed Abbas Helmy also told CNBC Arabia yesterday, Monday, that Egypt will soon announce an international bid to manage and operate Egyptian airports.
Dollar scenarios at the moment
Some analysts believe that Egypt will continue to work on agreements and announcements that guarantee the flow of the dollar into Egypt’s coffers in order to reduce the gap between the price of the dollar in the parallel market and its official price to lower levels than the current one.
While some believe that the next step will be to reduce the pound in compliance with the directives of the International Monetary Fund that Egypt should adopt a flexible exchange policy and not fix the exchange rate, which will ensure the provision of the International Monetary Fund loan and obtain approval to increase it from the 3 billion according to the agreement at the end of 2022 to about 10 billion dollars. With the help of many international bodies. Likewise, the return of Egyptians’ remittances from abroad to official channels after decreasing by about 40% if we compare 2021 data with 2023.
Some experts believe that failure to adopt either of these two paths may return Egypt to a scenario of depletion of dollar revenues and increase pressure again on the black market, thus raising the price gap, especially with the presence of large obligations on Egypt in 2025, including debts and debt services.
2024-02-27 18:22:00
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