Title: Weak Demand for Dollar in Egypt Causes Heavy Losses for Speculators in Black Market
Date: June 22, 2023
In a surprising turn of events, the weak demand for the dollar in Egypt has resulted in significant losses for speculators operating in the black market. According to Al-Marsad Newspaper, the decline or collapse of the demand for the dollar has caused its prices in the parallel market to plummet from 40 pounds at the beginning of this month to levels below 37 pounds. On some days, the exchange rate even reached as low as 34 pounds, leading to substantial losses for traders.
Merchants interviewed by Arabic.Net expressed their concerns over the current situation, highlighting the heavy losses incurred due to the dwindling demand for the dollar. The unexpected drop in the exchange rate has caught many speculators off guard, resulting in financial setbacks.
However, amidst this decline in demand for the dollar, there has been a surge in demand for the Saudi riyal. The upcoming Hajj season and the continued opening of visits to Saudi Arabia have contributed to the increased demand for the Saudi currency. As a result, the exchange rate for the Saudi riyal has reached record highs, with some transactions reaching 12 pounds, compared to the official market rate of 8.25 pounds.
This shift in demand has created a stark contrast between the dollar and the Saudi riyal in the Egyptian market. While speculators face losses due to the weak demand for the dollar, those involved in the Saudi riyal market are witnessing significant gains.
The fluctuating exchange rates and the unexpected changes in demand for different currencies highlight the volatility of the black market. Traders and speculators must remain vigilant and adapt to the ever-changing dynamics of the currency market to mitigate potential losses and capitalize on emerging opportunities.
As the situation continues to evolve, it remains to be seen how the demand for the dollar and the Saudi riyal will further impact the Egyptian market. Market participants and observers are closely monitoring the exchange rates and anticipating any further surprises that may arise in the coming days.
What factors have contributed to the weak demand for the dollar in Egypt’s black market, leading to heavy losses for speculators?
Surprising Turn of Events Sees Speculators in Egypt’s Black Market Suffer Heavy Losses Amid Weak Dollar Demand
Date: June 22, 2023
In a stunning development, the weak demand for the dollar in Egypt has dealt a severe blow to speculators operating in the black market. According to Al-Marsad Newspaper, the drop in demand has caused the prices of the dollar in the parallel market to significantly plummet from 40 pounds at the start of the month to levels below 37 pounds. In fact, on certain days, the exchange rate even dropped as low as 34 pounds, resulting in substantial financial losses for traders.
Merchants who were interviewed by Arabic.Net expressed their deep concerns about the current situation, emphasizing the heavy losses they have suffered as a result of the dwindling demand for the dollar. The unexpected decrease in the exchange rate has taken many speculators by surprise, causing them significant setbacks.
Interestingly, amid this decline in demand for the dollar, there has been a sharp rise in demand for the Saudi riyal. The upcoming Hajj season and the continued opening of visits to Saudi Arabia have contributed to the increased demand for the Saudi currency. As a result, the exchange rate for the Saudi riyal has reached a record high, with some transactions reaching 12 pounds, compared to the official market rate of 8.25 pounds.
This shift in demand has created a striking contrast between the dollar and the Saudi riyal in the Egyptian market. While speculators face losses due to the weak demand for the dollar, those involved in the Saudi riyal market are witnessing significant gains.
The fluctuating exchange rates and unexpected changes in currency demand highlight the volatile nature of the black market. Traders and speculators must stay vigilant and adapt to the ever-changing dynamics of the currency market in order to minimize potential losses and seize emerging opportunities.
As the situation continues to evolve, it remains to be seen how the demand for the dollar and the Saudi riyal will further impact the Egyptian market. Market participants and observers are closely monitoring the exchange rates and anticipating any further surprises that may arise in the days to come.
This article sheds light on the current economic situation in Egypt, highlighting the detrimental impact of weak demand for the dollar on speculators in the black market. The losses incurred by these individuals serve as a reminder of the challenges faced by the country’s economy.