The Egyptian pound continued its decline against the dollar in the banks today, Thursday, after the Central Bank allowed the pound to fall to levels near 26.5 against the dollar yesterday, Wednesday.
And it continued to decline in evening transactions in banks, and the price of the dollar exceeded £27 in several banks, while the parallel or black market completely stopped functioning.
The dollar recorded its highest price in Mashreq Bank at £27.25 selling, £27.15 buying and reached £27.2 selling at several banks, including Emirates NBD and Al Ahly United.
The price of the dollar in Egypt makes new highs against the pound … and has reached these levels
And yesterday, the Central Bank of Egypt once again allowed the pound to fall against the dollar, to record the dollar’s exchange rate, the third significant increase against the Egyptian pound in less than a year.
Al-Ahly Bank and Misr Bank, the two largest government banks in Egypt, also offered a new savings bond with an interest rate of 25% for one year, which is the highest in Egypt’s banking sector, according to press reports. , of which Al-Arabiya.net obtained a copy.
Egypt has announced it will aim for high inflation rates in the new year and has also reduced the price of the pound against the dollar in the course of 2022, after agreeing with the International Monetary Fund last month a loan of 3 billions of dollars.
And against the backdrop of the new dollar exchange rates in Egyptian banks, Al-Suda stopped working until the end of trading on Wednesday, with no effective implementation in the market and the continued increase in the supply of dollars for sale. the highest exchange rate for the dollar was recorded in two banks, the Egyptian Bank for Export Development and Al-Ahli Bank of Kuwait at the level of 26.9 pounds for the purchase and 26.95 pounds for the sale.
At the Central Bank of Egypt, the exchange rate of the US green note stood at £26.36 in the buy, compared to £26.49 in the sell.
The dollar was circulating in 3 banks, including the largest government banks, namely the National Bank of Egypt and Banque Misr, at the level of £26.8 in the buy, compared to £26.85 in the sell.
Read more: How did dollar speculation turn into heavy losses in Egypt?
In parallel with the further increase in the dollar’s exchange rate against the Egyptian pound, the National Bank of Egypt and Banque Misr announced the issuance of savings bonds with a record yield of 25%.
High Yield Certificates aim to persuade foreign currency holders within the banking system to convert them into local currency, as well as attract deposits from foreign currency holders outside the banking system, as well as reduce inflation by withdrawing liquidity from the market banking system.
Since March last year, and with bank-approved increases in dollar exchange rates, the dollar’s rate on the official market has risen by 68.5%, gaining around £10.8 after the dollar’s jump from the £15.75 level to the £26.55 level right now.
In the parallel market, and due to violent speculation, the dollar had reached the level of 38 pounds, but as soon as the Executive Committee of the International Monetary Fund announced the approval of the financing package for Egypt, the Central Council The Bank of Egypt released more than $6 billion worth of goods in the 3 weeks of last December The dollar exchange rate in the parallel market is currently down to levels between £28 and £31, with the absence of a ‘effective implementation and control of a state of advance on transactions and a large number of speculators and large traders have stopped working.
