The stability of the dollar price against the Egyptian pound recently? Despite the economic fluctuations and the ongoing global events, the dollar continues to reflect a kind of balance. But what is the secret behind this stability?
The stability of the dollar price
The Egyptian pound has been known for its historical fluctuations against foreign currencies, but recently, we have witnessed unprecedented stability in the exchange rate. This stability did not come from a vacuum, but rather reflects a firm economic vision and successful financial policies.
On Friday, August 11, 2023, the price of the dollar remained stable in the Central Bank and the rest of the government and private banks. This stability was not limited to one day, but has continued for several months.
Analysis of the rates of different banks
central bank: Where the price of the dollar in transactions reached 30.84 pounds for purchase, and 30.93 pounds for sale. Egypt Bank: Which recorded 30.75 pounds for purchase, and 30.85 pounds for sale. Ahli Bank: Its prices settled at 30.75 pounds for purchase, and 30.85 pounds for sale. CIB Bank: As the dollar reached 30.85 pounds for purchase, and 30.95 pounds for sale. HSBC Bank: Its price was 30.85 pounds for purchase, and 30.95 pounds for sale.
Green currency against the pound
Despite the slight difference in bank rates, the question remains: Why this stability? The answer lies in the economic balance Egypt has achieved recently. With the improvement of economic indicators and foreign investments, Egypt has become one of the preferred destinations for investors. Despite the stability of the dollar, it must always be remembered that markets reflect local and international economic and political conditions. But with the right economic strategies, Egypt can continue on the path of stability and growth.
Central decision and raise interest rates
It has been difficult to ignore the news that shook the corridors of finance and business lately. This is the central bank’s decision to raise interest rates by 1% against the Egyptian pound. Some may think that this decision affects only the owners of large institutions, but the truth is that its impact extends to the parallel market and the price of the dollar in it.
Waves of great fluctuation in the parallel market
The black market for currencies is greatly affected by economic events, when you hear that the dollar reached between 36 and 37 pounds on the black market, this is not a simple matter. These fluctuations reflect the sensitivity of the parallel market to any economic decision.
successive blows to the government
On the other hand, the government launched a series of measures to reduce this fluctuation, by trying to bring the price of the dollar on the black market closer to its price in banks. These efforts can be said to have achieved a certain success, as the price of the dollar on the black market dropped to less than 37.5 pounds.
2023-08-12 13:03:19
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