The price of the dollar in Egypt made new highs against the pound during trading on Wednesday, hitting the level of 24.43 pounds for the first time.
Exchange rates of the dollar against the pound in Egyptian banks ranged between 24.43 pounds as the highest exchange rate for the dollar, compared to around 24.35 pounds as the lowest exchange rate for the dollar.
Read more: The price of the Egyptian pound against the dollar fell sharply and reached this level
The highest dollar-to-pound exchange rate in Al Ahli Kuwaiti Banks and Abu Dhabi Islamic Bank was £ 24.39 for the purchase, compared to around £ 24.42 for the sale. In the International Commercial Banks – Egypt and Mashreq, the dollar rate rose to around 24.37 pounds for the purchase, compared to around 24.42 pounds for the sale.
The US Green Paper exchange rate at the Central Bank of Egypt rose to £ 24.34 for the purchase, compared to around £ 24.42 for the sale.
In 12 banks led by the National Bank of Egypt and Banque Misr, the dollar exchange rate rose to £ 24.32 for the purchase, compared to around £ 24.42 for the sale. While the lowest dollar exchange rate at Ahli United Bank was £ 24.25 for the purchase, compared to £ 24.35 for the sale.
The rating agency “Fitch” yesterday announced the change in its future outlook for the Egyptian economy from “stable” to “negative”, due to the “worsening” of the country’s external liquidity position.
The agency kept the country’s rating at (B +) and attributed it to strong economic growth and “strong international support” from Gulf allies and international companies.
Read more: New losses for the Egyptian currency … and the dollar stabilizes above 24 pounds
The agency warned that it could downgrade the rating in the coming months if pressures on external financing persist or if the government is unable to reduce the deficit and reduce the debt-to-GDP ratio.
The reduction reflects “the deterioration of the external liquidity situation and the decline in the prospects for access to the bond market, which makes the country vulnerable to adverse global conditions at a time when the current account deficit and external debt maturities are high” .
Fitch attributed the change in its outlook on the Egyptian economy to the deterioration of the liquidity situation in foreign currency and the poor prospects of Egypt’s access to the bond market, which leaves it grappling with the consequences of global events at a time when his current account has a high deficit and is awaiting repayment of the foreign debt.
The agency indicated that the foreign exchange reserves of the Central Bank of Egypt fell to less than $ 32 billion at the end of last October, compared to about $ 35 billion in March and about $ 40 billion in February, and despite their stability in recent months, their coverage rate of current external payments is below the average coverage of peers with the same 4-month rating.
Read more: Egypt’s foreign reserves rose by 213 million in October to $ 33.411 billion
He explained that the Central Bank’s foreign currency deposits with foreign banks rose to $ 2 billion last October, up from about $ 1.5 billion in March, but are still below February levels by about. 9 billion dollars.
He also attributed the slowdown in the exit of financial portfolio investments in September compared to March, the drop in the price of the Egyptian pound against the dollar, the interest rate policy and the agreement with the International Monetary Fund on 3 billion dollars. . loan, but given that this portfolio makes up about 40% of reserves, they are a weak point.
