The price of the pound in Egypt stabilizes against the dollar and decreases against the euro and the pound

The price of the dollar in Egypt continued to maintain a stable and calm state against the pound at the start of trading today, Sunday, as the Egyptian currency fell against the euro and the pound, in early trading following the inflation announcement. data.

On Thursday, the Central Bank said that core inflation in Egypt was 19% yoy in October 2022 from 18% in September 2021, adding that the core consumer price index recorded a 3% monthly rate in October 2022, compared to a monthly rate of 2%. , 1% in October 2021 and a monthly rate of 1.6% in September 2022.

Read more: What is the right price of the Egyptian pound against the dollar? .. Hani Genena answers

In the two major banks in terms of business and transactions, the National Bank of Egypt and Banque Misr, the exchange rate of the dollar against the pound recorded a level of 24.34 pounds for the purchase and 24.39 for the sale. The highest dollar exchange rate at the Suez Canal Bank was £ 24.35 for the purchase and £ 24.45 for the sale.

In banks private, the exchange rate of the dollar against the pound at Commercial International Bank – Egypt recorded a level of 24.39 pounds for the purchase and 24.44 pounds for the sale. In the Arab African Bank, the American green newspaper recorded a level of 24.36 pounds in purchase, compared to 24.43 pounds in sale.

And the dollar exchange rate at the Central Bank of Egypt registered a level of 24.36 pounds for the purchase and 24.44 pounds for the sale.

At the level of the major currencies, the European currency “the euro” has seen a notable increase between 50 and 80 plates, both in purchase that in sale in Egyptian banks. In the National Bank of Egypt and Banque Misr, the euro exchange rate rose to the level of £ 24.73 for buying and £ 25.27 for selling.

In the Commercial International Bank – Egypt, the European currency recorded a level of 24.79 pounds in purchase and £ 25.32 in sale. The euro exchange rate at the Central Bank of Egypt stabilized at 24.23 pounds for the purchase and 24.32 pounds for the sale.

The exchange rate of the British pound rose at the beginning of the week of trading between 70 and 90 piastres, both for buying and for selling in Egyptian banks. At the National Bank of Egypt and Banque Misr, the British pound exchange rate rose to the level of £ 28.35 for the purchase and £ 28.91 for the sale.

The sterling exchange rate at the Central Bank of Egypt stabilized at £ 27.75 for the purchase and £ 27.85 for the sale.

Read more: Expert for Al Arabiya: core inflation in Egypt could reach 25%

In the Arab world, the exchange rate of the Saudi riyal at the National Bank of Egypt and Banque Misr posted a level of £ 6.47 for the purchase and £ 6.48 for the sale.

The UAE dirham exchange rate also rose to £ 6.63 for buying and £ 6.64 for selling. In addition, the Kuwaiti dinar exchange rate rose to the level of 76.30 pounds for buying and 79.49 pounds for selling.

A few days ago Fitch Ratings announced that it had changed the outlook of the Egyptian economy from “stable” to “negative”, due to the “worsening” of the country’s external liquidity position. The agency kept the country’s rating at (B +) and attributed it to strong economic growth and “strong international support” from Gulf allies and international companies.

It warned it could downgrade the rating in the coming months if external funding pressures persist or if the government is not in able to reduce the deficit and reduce the debt ratio.

“The deterioration of the external liquidity situation and the decline in the prospects for access to the bond market, which makes the country vulnerable to adverse global conditions in one moment in where the current account deficit and external debt maturities are high, “he said.

Fitch suggested adjusting his perspectives future on the Egyptian economy to the deterioration of the liquidity situation in foreign currency and the decline in prospects for Egypt’s access to the bond market, which leaves it grappling with the consequences of global events in one moment in whose current account is running a high deficit and is in waiting for repayment of the foreign debt.

Highlight that reserves in Central Bank of Egypt’s currency fell to less than $ 32 billion at the end of last October, compared to about $ 35 billion in March and about $ 40 billion in February, and despite their stability in recent months, their rate of coverage of current external payments is less than coverage media of peers with the same 4-month rating.

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