04:04 PM
Friday, February 21, 2020
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I wrote – Shaima Hefzy:
The dollar continues to decline against the local currency, with the value of the pound increasing, to record yesterday, the lowest price since the decision to liberalize the exchange in November 2016, according to central bank data.
The dollar fell 3.9 pounds, from the highest peak reached after the floating decision on December 21, 2016, until February 20, 2020, during more than 3 years.
The price of the dollar was recorded on December 21, 2016, at the Central Bank 19.06 for purchase and 19.52 pounds for sale, to reach yesterday, 15.52 for purchase and 15.62 for sale, yesterday, February 20, 2020.
The pace of the dollar’s decline against the pound has accelerated since the beginning of this year, thanks to attracting large foreign investments in government debt instruments, which supported the price of the pound.
A number of investment banks expected that the pound would continue to rise against the dollar during the year 2020.
Investment bank Beltone said that he expects the dollar to continue falling against the pound in the coming period, and that the pound will not face any pressure against the dollar in 2020, and that the price of the dollar will reach 16 pounds.
Pharos Investment Bank also expected that the average price of the dollar will decrease during the current year to 16.37 pounds compared to 16.81 pounds in 2019, indicating that it is not far fetched that the price of the pound will witness some increase during the current year in the range of 5%, to end the price of the dollar in 2020 at the level of 15 pounds.
In addition, Shuaa Investment Bank expected that the price of the pound against the dollar will reach 15.68 pounds at the end of the current fiscal year, to continue to decline and reach at the end of the next fiscal year to 15.51 pounds.
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