The exchange rate of the dollar against the Egyptian pound stabilized at the start of trading today Sunday, but the black market is in a waiting state, with weak buying demand.
testified The dollar’s exchange rate made a big move against the Egyptian pound In the official market in the last period, having increased in the last month between 50 and 60 piasters.
Since the beginning of this year, the price of the Egyptian pound has fallen sharply and sharply against the US dollar, as the dollar exchange rate fell from the £15.74 level at the start of the year, to the £24.74 level of the present tense.
A few days after the announcement by the Executive Committee of the International Monetary Fund that it had approved the financing package for Egypt, the Monetary Policy Committee of the Central Bank of Egypt, which met last Thursday for the eighth last meeting this year, announced the rate hike of the overnight deposit and loan yield and the central bank’s main transaction price by 300 basis points to respectively reach 16.25%, 17 .25% and 16.75%.
And at the two largest banks by assets and transactions, the National Bank of Egypt and Banque Misr, the dollar in today’s transactions recorded a level of £24.64 buying and £24.69 selling.
In private banks, the dollar exchange rate at the Commercial International Bank of Egypt registered a level of 24.68 pounds for buying and 24.75 pounds for selling.
And in the Central Bank of Egypt, the average price of the dollar against the Egyptian pound registered £24.67 for buying and £24.74 for selling.
On the other hand, the parallel market is witnessing a state of caution and anticipation, with weak buying demand. Some traders explained the stagnation of the black market at the moment, as investors, especially importers, await new measures from the Central Bank of Egypt and solve the crisis of the shortage of dollars in the banks.
Furthermore, the mechanism of documentary credits, which caused a violent crisis and was the basis of the accumulation of large quantities of goods in Egyptian ports, is approaching due to the impossibility of importers to provide the necessary supplies for the release of these goods .
According to unofficial estimates, the goods held in Egyptian ports need more than 6 billion dollars to solve the crisis of the accumulation of goods in the ports to be able to release them.
