Egypt’s Dollar Crisis: The Black Market Price and the Government’s Challenges

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The Egyptian government faces many challenges related to the dollar crisis and the shortage of hard currency in the market. Despite the efforts of the government and the Central Bank to mitigate the severity of this crisis and the implementation of many initiatives and measures, the crisis was still continuing and worsening, especially with the high The price of the dollar on the black market He exceeded the barrier of 40 pounds, but then a surprise happened that broke the barrier of all expectations The price of the dollar fell on the black market a significant drop, which shattered Forecasts the price of the dollar on the black market And he made the currency traders incur huge losses, which forced them to stop working in the black market, and this is all thanks to him A new initiative rocks the black market for dollars. .

Also read: Expectations of a rise in the price of the dollar on this date.

The government may resort to taking difficult decisions to confront this crisis, and this includes measures that may be under the radar of the official authorities. It is possible that the government will take measures such as increasing intervention in the exchange market or implementing stimulus policies to increase the available supply of dollars in the market, and in the long term, the government may be compelled to continue the economic reform process and enhance financial and monetary stability, including the implementation of structural reforms and the strengthening of infrastructure Economic and improving the investment climate to attract more foreign capital.

Another source working in an exchange company announced that the increase in The price of the dollar on the black market And its sharp decline, once again, is caused by joint efforts between the Central Bank of Egypt, the government, and investors, which indicates that the government and the people are seeking one goal, which is to save the Egyptian economy and confront those who want to harm it, and we also do not forget that The price of the dollar on the black market It moves in a random manner, which helps to quickly adjust and control prices.

Also read: Is the time right to buy or sell gold?.. The Gold Division answers!

It is true that the economic crisis facing Egypt calls for strong and painful measures to address its challenges. Floating the pound against the dollar is one of the options. Therefore, it is necessary for the Egyptian government to implement a comprehensive strategy aimed at enhancing economic stability, developing the private sector, and diversifying sources of hard currency. It must also benefit from international expertise and cooperate with international financial institutions to achieve its goals.

Also read: The Central Bank decides to stop using prepaid cards in dollars inside and outside Egypt.

True, accelerating the pace of implementing the offering program or privatizing companies and banks may be a potential solution to save hard currency and boost dollar revenues in Egypt. Measures such as selling government assets and getting rid of publicly owned companies and banks can attract investment and boost the flow of hard currency into the country.

Also read: International Monetary Fund expectations for the dollar price during the coming period.

In addition, the government should work to improve the investment climate and attract more foreign direct investment, by implementing structural reforms and legislation that stimulates investment and reduces bureaucracy. Increasing the flow of foreign investment can contribute to increasing the availability of the dollar and enhancing the competitiveness of the Egyptian economy.

As for the experts’ expectations for an increase Dollar price movements today in Egypt In the coming days, this may be related to current economic and political factors and market expectations. The government must have a strategy to deal with these changes and challenges, which must include implementing effective measures to maintain currency stability and balance the market.

In the end, the economic crisis and the lack of hard currency in the market need multidimensional and integrated solutions, and require cooperation and joint efforts from all concerned parties to overcome it and achieve economic stability in Egypt.

Also read: Prices for renting safes for citizens at the National Bank of Egypt