The price of the dollar against the pound rose, at the level of banks operating in the Egyptian market, slightly today, Wednesday, December 23, 2020, compared to the exchange rate of the dollar against the pound yesterday, as the average price of the dollar at the Central Bank of Egypt reached 15.62 pounds for purchase and 15.75 pounds for sale.
According to the direct exchange rate sites, the Arab African International Bank offered the highest price to buy the dollar in Egypt at a value of 15.65 pounds, while the Arab International Banking Company SAIB offered the lowest price for selling the dollar in Egypt at a value of 15.69 pounds.
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The price of the dollar against the pound in the Egyptian Gulf, Egypt Iran Development, Construction and Housing banks, Al Ahli of Kuwait, The United Bank and Credit Agricole reached 15.64 pounds for purchase and 15.74 pounds for sale, up from its price yesterday, Wednesday.
The price of the dollar against the pound was about 15.63 pounds for purchase and 15.73 pounds for sale in “Odeh, International Commercial, Alexandria” banks, according to the latest update of the official websites of those banks.
Dr. Rashad Abdo, head of the Egyptian Forum for Economic Studies, said that the increase in foreign monetary reserves to nearly 40 billion dollars is the main reason for the decline in the dollar’s price against the pound.
Abdo pointed out, in statements to Sada Al-Balad, that the dollar has two criteria for high or low price, and it is a technical linked to supply and demand, the greater the supply, the less demand, and this is a guarantee of the decrease in the price of the dollar, and this is what happened in Egypt.
He pointed out that a report issued by the American Bloomberg Agency stated that the Egyptian currency in 2019 and 2020 until last September ranked second among the world’s currencies, stressing that the liberalization of the exchange rate was a reason for the rise in the value of the pound against foreign currencies.
He noted that the most dangerous thing that passes to the economy is a phase of uncertainty, explaining that the differences that occurred between the United States and Iran during the last period negatively affected the global economy and led to an increase in oil, gold and real estate prices because people began to fear.
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