12:12 PM Thursday 02 November 2023
Written by Manal Al-Masry:
The price of the dollar continued to rise on the black market for currency trading (the unofficial market) during Thursday’s trading, with an increase of 1.5 pounds over yesterday’s trading, according to what two observers who spoke to Masrawy said.
They added that the price of the dollar on the black market rose today to 47.5 pounds, compared to about 46 pounds during yesterday’s trading, due to increased demand and in anticipation of the Central Bank’s decision regarding the interest rate.
This rise coincides with the Central Bank holding a meeting today, Thursday, of the Monetary Policy Committee – which is responsible for the rate of return on deposits and lending – to decide on the decision to raise or stabilize interest rates in its seventh meeting during 2023.
Egypt has been facing pressure from a shortage of foreign exchange over a period of 20 months, which led to a recovery in the work of the black market, after the exit of indirect foreign investments amounting to about 22 billion dollars during the first half of last year, due to the Russian-Ukrainian war.
The price of the dollar rose against the pound by about two pounds yesterday, Wednesday, rising to between 44 and 46 pounds, compared to about 42 and 44 pounds last Monday, after it fell from its highest level of 49 pounds last Friday.
The gap between the price of the dollar on the black market and its price in banks widens, thus reaching 16.5 pounds, compared to the average price circulating in the banking system, near 31 pounds, as of midday trading.
2023-11-02 10:12:00
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