Has the US dollar started its declining path against the Egyptian pound?

Perhaps the turnaround in dollar flows had a significant positive impact on the foreign exchange market in Egypt.

Dollar exchange rates fell against the Egyptian pound at the end of recent transactions, 9 piasters to 5 piasters in Egyptian banks, as dollar exchange rates saw significant movement last week.

On the other hand, the black market is still experiencing a major shock in light of the collapse in demand for hard currencies by importers.

And while there is no actual market execution yet, prices are hovering between £30 and £31 to the US dollar.

In the official market, and in the two largest banks by assets and transactions, which are the National Bank of Egypt and Banque Misr, the dollar exchange rate recorded a level of 29.43 pounds in purchase and £29.53 in sale.

In banks privatethe dollar exchange rate in Commercial International Bank – Egypt recorded a level of 29.53 pounds for buying and 29.63 pounds for selling.

And at the Central Bank of Egypt, the average prices of the dollar against the Egyptian pound recorded a level of 29.56 pounds in purchase and £29.66 in sale.

As for the major currencies, the single European currency recorded a decline of between 2 and 9 piasters in buying and selling.

And at the National Bank of Egypt and Banque Misr, the euro exchange rate stabilized at £31.81 in purchase and at £32.02 in sale.

In banks privatethe euro exchange rate at the Commercial International Bank – Egypt recorded a level of 31.91 pounds in purchase and £32.10 in sale.

In the Central Bank of Egypt the average prices of the euro against the Egyptian pound recorded a level of 31.99 pounds in purchase and £32.11 in sale.

At the same time, foreign investors injected $925 million into the local currency market in the three days that passed last Wednesday, as Egypt’s central bank allowed the pound’s exchange rate to fall further against the dollar.

The Central Bank of Egypt has revealed, in a recent release, that trading in the interbank market has recorded more than a 20-fold increase in recent days, compared to recently recorded daily amounts.

He points out that he monitors a number of positive indicators relating to the foreign exchange market, represented by a significant increase in revenues in bank exchanges, both from the local market, and from the proceeds of remittances from Egyptians abroad, as well as from the tourism sector.

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