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The dollar in the National Bank of Egypt recorded 16.25 pounds for sale compared to 16.15 pounds for purchase, while the “Arab African International, Levant and Egyptian Banks, the Arab International Bank, and the National Kuwaiti Bank Piraeus and the Suez Canal” sold at 16.27 pounds, while 16.17 pounds for purchase.
On the other hand, the Central Bank of Egypt announced that foreign reserves fell by another billion dollars in May, with the continued stress of the Corona virus crisis on the economy.
Reserves at the end of May were $ 36 billion, down from $ 37 billion at the end of April.
The reserves were already down by $ 3.07 billion in April and $ 5.4 billion in March after investors withdrew cash from emerging markets due to concerns about the impact of the Corona virus.
The May drop seems a little lower compared to previous months, but in light of external inflows it could be higher if any returns were used, from the sale of bonds denominated in euros worth 5 billion euros in May or from 2.78 billion dollars from the International Monetary Fund, in strengthening the reserves .
Ahmed Hafiz, an analyst at Renaissance Capital, said that it is now possible to assume capital flight, adding that banks may have used the central bank’s funds to cover some external claims.
On the latest fall in reserves, Hafez said he was generally higher than expected but under control.
The Covid-19 crisis has reduced some of the country’s major foreign currency sources, especially tourism and remittances from workers abroad.
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The dollar in the National Bank of Egypt recorded 16.25 pounds for sale compared to 16.15 pounds for purchase, while the “Arab African International, Levant and Egyptian Banks, the Arab International Bank, and the National Kuwaiti Bank Piraeus and the Suez Canal” sold at 16.27 pounds, while 16.17 pounds for purchase.
On the other hand, the Central Bank of Egypt announced that foreign reserves fell by another billion dollars in May, with the continued stress of the Corona virus crisis on the economy.
Reserves at the end of May were $ 36 billion, down from $ 37 billion at the end of April.
The reserves were already down by $ 3.07 billion in April and $ 5.4 billion in March after investors withdrew cash from emerging markets due to concerns about the impact of the Corona virus.
The May drop seems a little lower compared to previous months, but in light of external inflows it could be higher if any returns were used, from the sale of bonds denominated in euros worth 5 billion euros in May or from 2.78 billion dollars from the International Monetary Fund, in strengthening the reserves .
Ahmed Hafiz, an analyst at Renaissance Capital, said that it is now possible to assume capital flight, adding that banks may have used the central bank’s funds to cover some external claims.
On the latest fall in reserves, Hafez said he was generally higher than expected but under control.
The Covid-19 crisis has reduced some of the country’s major foreign currency sources, especially tourism and remittances from workers abroad.
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