Perhaps the breakthrough in dollar flows had a significant positive impact on the exchange market in Egypt.
I backed off The exchange rates of the dollar against the Egyptian pound at the end of recent transactions, At a value of 9 to 5 piasters in Egyptian banks, as the dollar exchange rates witnessed a great move last week.
On the other hand, the black market is still suffering from a major shock in light of the collapse of importers’ demand for hard currencies.
And while there is no actual execution in the market yet, prices are moving between 30 to 31 pounds per US dollar.
In the official market, and in the two largest banks in terms of assets and transactions, which are the National Bank of Egypt and Banque Misr, the dollar exchange rate recorded a level of 29.43 pounds for purchase, and 29.53 pounds for sale.
In private banks, the dollar exchange rate in the Commercial International Bank – Egypt recorded a level of 29.53 pounds for purchase, and 29.63 pounds for sale.
At the Central Bank of Egypt, the average prices of the dollar against the Egyptian pound recorded a level of 29.56 pounds for purchase, and 29.66 pounds for sale.
In terms of major currencies, the single European currency recorded a decline between 2 to 9 piasters in buying and selling.
And at the National Bank of Egypt and Banque Misr, the exchange rate of the euro stabilized at 31.81 pounds for purchase, and 32.02 pounds for sale.
In private banks, the exchange rate of the euro at the Commercial International Bank – Egypt recorded a level of 31.91 pounds for purchase, and 32.10 pounds for sale.
In the Central Bank of Egypt, the average prices of the euro against the Egyptian pound recorded a level of 31.99 pounds for purchase, and 32.11 pounds for sale.
At the same time, foreign investors have pumped $925 million into the local foreign exchange market, during the three days since last Wednesday, when the Central Bank of Egypt allowed a further decline in the pound’s exchange rate against the dollar.
The Egyptian Central Bank revealed, in a recent statement, that trading amounts in the interbank market recorded an increase of more than 20 times during the past days, compared to the daily amounts recorded recently.
He pointed out that he monitored a set of positive indicators related to the exchange market, represented by a significant increase in banks’ foreign exchange earnings, whether from the local market, or the proceeds of remittances from Egyptians abroad, as well as from the tourism sector.
