Continue dollar exchange rate Its rise against the Egyptian pound during recent transactions, amid a state of anticipation and caution.
While the actual implementation in the black market declined in large proportions, the highest dollar exchange rate in the parallel market reached about 30.5 pounds, compared to about 38 pounds before the decisions taken by the government and the Central Bank related to adopting the flexible exchange rate and providing dollars for the release of goods and goods accumulated in the ports.
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In the official market, the highest dollar exchange rate at the Arab African International Bank and Abu Dhabi Islamic Bank came at 30.18 pounds for purchase, and about 30.23 pounds for sale.
The exchange rate of the US green note at the Central Bank of Egypt also increased, to record about 30.15 pounds for purchase, and 30.23 pounds for sale.
And in 20 banks led by the Commercial International Bank of Egypt and the Arab Investment Bank, the dollar exchange rate recorded a level of 30.13 pounds for purchase, compared to about 30.23 pounds for sale.
And in the largest banks affiliated with the Egyptian government, the exchange rate of the dollar at the National Bank of Egypt and Banque Misr recorded a level of 30.03 pounds for purchase, and 30.13 pounds for sale.
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The lowest exchange rate for the dollar at the National Bank of Greece came at 30 pounds for purchase, and 30.10 pounds for sale.
Yesterday, the Egyptian government-affiliated banks announced that they would stop issuing investment certificates with high returns at the level of 25%.
The Central Bank of Egypt is scheduled to hold a meeting of the Monetary Policy Committee to determine the fate of the interest rate, on Thursday, amid mixed expectations.
A new hike in interest rates is likely
A recent poll conducted by “Reuters” agency suggested that the Central Bank of Egypt would raise overnight interest rates by 150 basis points during the next meeting of the Monetary Policy Committee. The average expectation in the poll, which included 13 analysts, was that the bank would raise the interest rate on deposits to 17.75%. And the lending rate to 18.75% during the periodic meeting of the Monetary Policy Committee.
read more: Today.. Suspension of 25% certificates in Egyptian banks
Within the framework of expectations, Dr. Ashraf Ghorab, Vice President of the Arab Union for Social Development in the Arab Labor System of the League of Arab States for Economic Development, suggested that the Monetary Policy Committee of the Central Bank fix interest rates at its next meeting, especially with the possibility of the US Federal Reserve’s tendency to reduce the rate of raising The interest rate is about 0.25% at the latest, which indicates a decline in the global inflation rate and its impact on inflation locally.
High foreign investment
Ghorab explained that the Central Bank of Egypt may tend to fix the interest rate in order to allow the local market to absorb the interest rate hike that it approved at the end of December 2022 by about 300 basis points, in addition to issuing a savings certificate with a high return of 25%.
He pointed out that the stability of the exchange rate, in addition to the Central Bank’s announcement that foreign investments in the Egyptian market exceeded $925 million, especially after the decline of the Egyptian pound, will increase the attractiveness of foreign investors, with an increase in foreign reserves by $470 million during December, and an increase in customs releases for goods. , which confirms that the coming period will witness successive declines in prices and a slowdown in inflation rates, and therefore it is expected that the central bank will move towards fixing interest rates.
