Data from the National Bank of Egypt, Egypt’s largest government-owned bank, showed the dollar recorded a buy price of £25.95 and a sell price of £26 in today’s Wednesday trading, so that the pound recorded the largest decline in its history against the dollar.
The dollar recorded a price of 25.65 pounds for buying and selling in Banque Misr, and the dollar reached 25.31 pounds for buying and 25.41 for selling in Commercial International Bank of Egypt, the largest private bank.
While data from Refinitiv showed the Egyptian pound dropped to 25.20 to the dollar on Wednesday, registering the biggest one-day move since the Central Bank allowed it to fall 14.5% on Oct. 27.
It used to trade at 24.70 pounds to the dollar.
Banque Misr announced in a statement on Wednesday the issuance of a savings certificate with an annual yield of 25%, in a move that often signals the central bank’s intention to devalue the currency, according to Reuters.
While a state of confusion dominates the parallel transactions of the foreign exchange market in Egypt, especially in light of the offer of dollars for sale, The dollar recorded new highs against the Egyptian pound In the official market during the last trading hours.
The dollar’s exchange rate has seen significant movement against the Egyptian pound over the recent period, as its price has risen nearly 60% in buying and selling in Egyptian banks since last March through today’s trading. Wednesday.
Read more: How did dollar speculation turn into heavy losses in Egypt?
The recent maneuvers by the Central Bank of Egypt, especially after the Executive Committee of the International Monetary Fund announced the approval of the financing package for Egypt, have calmed the pace of speculation on the black market and pushed up the exchange rate of the dollar at the level of 38 pounds.
However, at the moment, the dollar is trading on the black market at levels ranging from £28 to £31, in a state of confusion, as large numbers of traders have stopped, closed their jobs and relied on intermediaries without dealing directly with the public.
In the official market, the exchange rates of the dollar against the Egyptian pound increased by two piastres during recent trading.
And in the two largest banks in terms of assets and transactions, the dollar exchange rate at the National Bank of Egypt and Banque Misr recorded a level of 25.03 pounds for buying and 25.08 for selling in morning trading .
In the Bank of the Suez Canal, the price of the dollar registered 25.5 pounds for the purchase and 25.6 pounds for the sale.
As for private banks, the dollar exchange rate in Commercial International Bank – Egypt recorded a level of £25 buy and £25.1 sell, while for the Egyptian Gulf Bank it recorded £25.05 buy and £25 .1 pounds for sale. on sale.
And at the Central Bank of Egypt, the dollar’s exchange rate against the Egyptian pound rose to the level of 24.68 pounds for buying and 24.76 pounds for selling, according to data on Tuesday.
In terms of major currencies, the euro has seen mixed trading lately.
Read more: Egyptian Pound is Facing Third Price in 2022.. Expert Explains Expected Price!
And at the National Bank of Egypt and Banque Misr, the exchange rate of the European currency rose to £26 for buying and £26.41 for selling.
The euro exchange rate, at the Commercial International Bank – Egypt, recorded a level of 26.04 pounds for buying and 26.49 for selling.
In the Egyptian Central Bank the average prices of the euro against the Egyptian pound recorded a level of 26.36 pounds for purchases and 26.45 pounds for sales.
The pound sterling exchange rate at the National Bank of Egypt and Banque Misr posted a buy level of £29.37 and a sell price of £29.88, while the Central Bank of Egypt hit a level of £29.75 in buy and £29.84 in sale balances.
In the Arab world, the exchange rate of the Saudi riyal at the National Bank of Egypt and Banque Misr registered a level of 6.56 pounds for purchases and 6.57 pounds for sales.
The exchange rate of the UAE dirham stood at £6.72 for buying and £6.73 for selling.
The exchange rate of the Kuwaiti dinar also stabilized at £77.87 for buys and £80.89 for sells.
