The price of the dollar in Egypt continues to break new highs against the pound

The price of the dollar in Egypt continued to move higher against the Egyptian pound in Thursday morning trading. According to the official website of the Central Bank of Egypt, the exchange rate of the US green note rose to £24.44 for the purchase, compared to £24.53 for the sale.

The foreign exchange market in Egypt has seen big changes since the beginning of 2022, and after the first listing announced by the Central Bank of Egypt at its extraordinary meeting last March, the Egyptian currency has fallen by about 24%, after the exchange rate of the The dollar jumped from the £15.74 level to about £19.64 a year earlier at the end of last October.

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However, since the second quotation at the end of October to date, the Egyptian currency has decreased by about 24.9%, after the dollar exchange rate fell from the level of 19.64 pounds, to about 24.53 pounds today, and with as for the Egyptian pound’s total losses since last March to the present, the currency is down The Egyptian bank is up about 55.8% against the dollar, after the US green note rose about 8.79 pounds.

In 3 banks headed by Al-Ahli Bank of Kuwait and Abu Dhabi Islamic Bank, the dollar exchange rate rose to the level of 24.8 pounds for buying, compared to about 24.51 pounds for selling. And in 6 banks, led by Commercial International Bank – Egypt and Al-Mashreq, the dollar exchange rate recorded a level of 24.46 pounds in purchase, compared to £24.51 in sale.

At the Central Bank of Egypt, the exchange rate of the US green note rose to £24.44 for buying, compared to £24.53 for selling. The lowest exchange rate for the dollar has been recorded in 16 banks led by the National Bank of Egypt and Banque Misr, at £24.41 for the purchase, compared to around £24.51 for the sale.

The Central Bank of Egypt has started implementing the flexible or managed float policy since the end of last October, as part of an attempt to control the foreign exchange market. However, until now, dollar speculation is in course in the parallel market, although its pace has slowed down in recent days.

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In parallel with the devaluation of the Egyptian pound, the Central Bank of Egypt announced the cancellation of relations with documentary credits related to imports, especially after the accumulation of goods in Egyptian ports, which caused shortages of some goods. The documentary credits will expire at the end of next December, according to the indications of the Central Bank of Egypt.

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