While the foreign exchange market in Egypt is witnessing a state of stability and cautious calm, the parallel market (the black market) is witnessing a state of confusion and severe shock as the dollar’s supply increases by large percentages in the last hours .
This comes at a time when you are watching the market, New decisions issued by the Central Bank, and the procedures announced by local banks. With a view to maintaining the level of liquidity in foreign currency, some banks have decided to limit customer withdrawals in dollars. Other banks have resorted to offering dollar certificates with an annual yield of 5.3%.
In the past few hours, the pages of social networks that specialize in following the movement of the dollar and the foreign exchange market in Egypt, have seen many publications that include great offers for sale of the dollar. On the other hand, the purchase orders decreased significantly.
On the official market, the dollar exchange rate was between EGP 19.66 as the highest purchase price, compared to EGP 19.59 as the lowest price. While the selling price stood at £ 19.71 as the highest price and £ 19.67 as the lowest price.
In 5 banks led by the National Bank of Kuwait and Abu Dhabi Islamic Bank, the US Green Paper stood at the level of £ 19.66 for the purchase, compared to £ 19.69 for the sale.
Commercial International Bank and United Bank led 7 banks, where the dollar exchange rate on their screens reached £ 19.63 for buying and £ 19.69 for selling.
In 5 banks led by the National Bank of Egypt and Banque Misr, the dollar exchange rate registered a level of 19.61 pounds for the purchase and 19.67 pounds for the sale. Meanwhile, the dollar exchange rate at the Central Bank of Egypt has stabilized at £ 19.60 for the purchase and £ 19.71 for the sale.
The lowest dollar exchange rate in 9 banks, led by Arab International Banking Company “Cype” and Mashreq Bank, at £ 19.59 for the purchase, compared to £ 19.69 for the sale.
Regarding the limitation of the withdrawal ceiling, Commercial International Banks – Egypt, HSBC – Egypt, Banque Misr and First Abu Dhabi Bank – Egypt, have announced those limits in a move that informed sources said, aimed at maintaining currency liquidity. foreign.
The bank’s moves are aimed at easing the pressure on the banks’ foreign assets. Banks are likely to move to ease the pressure on their net foreign assets, which have been under pressure in recent months.
These measures also aim to tighten the screws on the parallel market. Some (businesses and individuals alike) are said to raise dollars or use credit cards to purchase small amounts of vital supplies that they cannot import or find in stores.
