The price of the dollar in Egypt slows its rise against the pound

The price of the dollar in Egypt continued to rise against the pound in a number of banks today, Monday, reaching the level of 24.20 pounds in sale, compared to about 24.15 pounds in purchase in a number of banks. While it has agreed with the National Bank of Egypt and Banque Misr, at the level of 23.80 pounds for the purchase, compared to 23.90 pounds for the sale.
At the Central Bank of Egypt, the official price of the US currency registered a level of 24 pounds in purchase and 24.13 pounds in sale.

As for the major currencies, the exchange rate of the euro against the Egyptian pound recorded a level of 23.71 for the purchase, 23.91 for the sale. While the British pound exchange rate reached £ 27.63 for the purchase, £ 27.87 for the sale.

As for the Arab currencies, the exchange rate of the Saudi riyal against the Egyptian pound recorded 6.36 pounds for the purchase and 6.38 pounds for the sale.

The Kuwaiti dinar exchange rate recorded a level of 74.53 pounds for the purchase and 77.56 pounds for the sale. While the UAE dirham exchange rate rose to the level of £ 6.51 for buying and £ 6.53 for selling.

Despite the subsequent hikes of the dollar against the Egyptian currency, there has been a resurgence of the dollar’s fair value against the Egyptian currency. A few days ago, the “Fitch Solutions” for economic research, affiliated with the rating agency “Fitch”, suggested a gradual decline in the rate in local currency in Egypt, mainly due to the delay in reaching an agreement with the International Monetary Fund in credit the possible funding led to a faster-than-expected weakening of the currency.

The agency also expected official dollar prices to converge with black market prices during the year 2023 to reach 21.5 pounds, until the inflow of foreign direct investment, provided that the US currency ends in 2023 at the level of 22 pounds.

And on Thursday, following the decision to raise interest rates and reduce the value of the Egyptian pound against the US dollar, the Central Bank of Egypt revealed that it will adopt a flexible exchange rate system, prioritizing the primary goal of achieving price stability. He explained that the exchange rate of the value of the Egyptian pound against other foreign currencies will change in based on the forces of supply and demand.

He explained that he will work to build and develop the financial derivatives market with the aim of deepening the foreign exchange market and increasing levels of foreign liquidity.

The Central Bank of Egypt has indicated that an exchange rate would reflect the value of the pound against other currencies through the forces of supply and demand, under a flexible exchange rate system, with priority given to the central objective of achieving price stability. He stressed that reform measures have been taken in the light of the above to ensure macroeconomic stability and achieve sustainable and global economic growth.

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