06:11 PM Tuesday 12 September 2023
Written by Manal Al-Masry:
Two observers of the exchange rate movement said that the price of the dollar returned to its rise this week on the black market for currency trading (the unofficial market for buying and selling foreign exchange).
They added that the price of the dollar on the black market rose from a level between 38 and 39 pounds to between 40 and 41 pounds, a level that is about 10 pounds more than the official price in banks and money exchanges.
The average price of the dollar against the pound in banks at the end of today’s trading was 30.84 pounds for buying and 30.94 pounds for selling, according to Central Bank data.
The two sources attributed the rise in the price of the dollar in the parallel market to the increased demand for purchasing it for the purpose of traveling outside Egypt for the purpose of tourism or paying study expenses, with the inability of money exchangers and banks to manage all requests.
The two officials at two exchange companies said that the demand for buying foreign currency from citizens far exceeds the supply of the currency in their branches nationwide due to the increased demand for buying it for the purpose of traveling to perform Umrah or paying educational fees for their children in schools outside or inside Egypt that require payment in dollars.
During the past year and a half, banks are facing increasing pressure from the decline in foreign exchange flows after the exit of $22 billion during the past year due to the negative consequences of the Russian-Ukrainian war, which led Egypt to resort to requesting a loan from the International Monetary Fund worth $3 billion, and to liberalize the exchange rate to implement the economic reform program. And eliminating dollarization.
Egypt’s return to following a flexible exchange rate in March 2022 led to a sharp decline in the price of the pound, which contributed to the rise in the price of the dollar against it by about 96% within a year, so that its average price in banks jumped from 15.76 pounds on March 20 before last to above 30. pounds currently.
2023-09-12 15:11:00
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