As confusion dominated Egypt’s parallel foreign exchange market, the dollar’s exchange rate recorded fresh increases against the Egyptian pound in the official market during today’s Wednesday trading.
The new highs could be linked to the upcoming meetings of the International Monetary Fund, which will discuss the Egyptian dossier next Friday, and the start of meetings of the US Central Bank, which is expected to raise interest rates by about 50 basis points to deal with the high inflation.
Read more: A hold state pushes the dollar price in Egypt to these levels
With the Central Bank of Egypt the dollar exchange rate recorded a level of 24.65 pounds for buying, compared to 24.73 pounds for selling. The dollar’s exchange rate has experienced significant movement against the Egyptian pound lately, having risen between 50 and 60 piasters over the past month.
And in the two largest banks by assets and transactions, namely the National Bank of Egypt and Banque Misr, the exchange rate of the dollar in today’s transactions recorded a level of 24.61 buying and 24.66 selling.
In private banks, the dollar exchange rate at the Commercial International Bank of Egypt registered a level of 24.65 pounds for buying and 24.72 pounds for selling.
As for major currencies, the single European currency recorded new highs during today’s trading, fluctuating between 26 and 28 piasters, buying and selling in Egyptian banks.
In the National Bank of Egypt and Banque Misr the euro exchange rate recorded a level of 26.13 pounds for buying and 26.30 pounds for selling. At the Commercial International Bank of Egypt, the euro exchange rate rose to about £26.17 for buying and £26.36 for selling. While the euro exchange rate at the Central Bank of Egypt recorded a level of 25.93 pounds for buying and 26.01 pounds for selling.
The exchange rate of the pound sterling recorded overall gains during today’s trading, by 25 to 34 piasters, by buying and selling in Egyptian banks.
In the National Bank of Egypt and Banque Misr, the pound sterling exchange rate registered a level of £30.37 in the buy and £30.58 in the sell. Commercial International Bank of Egypt also hit a level of £30.42 buys and £30.66 sells. The pound exchange rate at the Central Bank of Egypt rose to £30.24 for buying and £30.34 for selling.
In the Arab world, the Saudi riyal’s rate at the National Bank of Egypt and Banque Misr recorded a buy price of £6.54 and a sell price of £6.55. The exchange rate of the UAE dirham also rose, recording a level of 6.70 pounds for purchases and 6.71 pounds for sales. The exchange rate of the Kuwaiti dinar increased to £77.64 for buying and £80.51 for selling.
