03:39 PM Monday, January 15, 2024
Written by Manal Al-Masry:
Since yesterday, the price of the dollar on the black market for currency trading (the unofficial market) has recorded a sudden rise to reach 54 and 56 pounds, recording a new record, according to observers of the exchange market that Masrawy spoke to.
The exchange rate gap between the official and unofficial market widened by about 24 pounds, as it is trading in the banking sector near 31 pounds.
One observer explained the sudden rise in the price of the dollar on the black market to the continuing bad psychological state resulting from the continuing crisis of foreign exchange shortages in banks and money exchange offices in exchange for increased demand.
Egypt has been going through a crisis of foreign exchange scarcity during the last two years after the exit of indirect foreign investments amounting to about $22 billion during the first half of the year before last due to the negative consequences of the Russian and Ukrainian wars.
Meanwhile, Wael Al-Nahhas, an expert in economics and financial markets, told Masrawy that the black market is witnessing a fluctuation in the pricing of the dollar, due to manipulation by major manipulators, which requires their deterrence.
He explained that the price of the currency on the black market is unrealistic and exaggerated, which requires implementing a package of economic measures on the condition that the market and prices are controlled simultaneously with their implementation.
Starting in March 2022, Egypt returned to its commitment to exchange rate flexibility, with the dollar jumping 96% against the pound in three waves, the last of which was in January 2023, before stabilizing at its current price since mid-March.
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2024-01-15 13:39:00
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