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Sputnik
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The rise in the price of the dollar against the Egyptian pound during the past days, after stabilizing for more than five months, raised many questions about the future of the pound exchange rate during the coming period.
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Hanan Ramsis, an expert in the Egyptian capital market, said, “The rise in the price of the dollar against the pound after stability over the past five months is due to the decrease in foreign exchange reserves, as a result of its use in the face of the Corona pandemic, and support of many sectors of the state to confront the crisis, and this is not In Egypt alone, but in many surrounding countries. “
exchange rate
The money market expert added to “Sputnik”, “It was expected during the last period that the rise in relation to the dollar against the pound will be higher than what happened, as we saw that there is a very high pace in the consumption of foreign exchange, at a time when the country’s revenues from foreign exchange decreased, As a result of the stoppage or decrease in the level of many export activities, tourism and labor transfers abroad, in addition to the decrease in the Suez Canal revenues.
Ramses expected that the dollar will stabilize at the level of 16 pounds, and this will continue for a period of time, due to the preference of some to keep the money at home to face any upcoming health or economic crises, and this situation will change when Arab countries begin to operate flights, where we can take possession On part of Arab tourism, while Arabs prefer Egypt as a tourist, especially in the summer.
Living with a pandemic
The money market expert pointed out that hotel occupations in the Cairo region during this period are promising after the decisions of the Ministry of Tourism, with an emphasis on avoiding crowds and following precautionary measures, but this will not prevent there being free movement of the pound during the coming period, according to the free policy of the Central Bank To prevent speculative returns in the dollar from the owners of capital and the trend to the black market.
In the same context, Egyptian Stock Exchange expert Rania Yaqoub said that “since the beginning of economic reforms, Egypt has moved to implement flexible policies regarding the exchange rate, where supply and demand have been left determining the price of the dollar in the market, which is natural to face crises, such as the Corona pandemic, which threw It has shadows on the Egyptian economy and most of the world’s economies, especially emerging economies that have been profoundly affected by this pandemic, as there will be movements in the exchange rate as a result of people’s fears and their tendency to dollarization operations, and this is a nature of Egyptians ’culture who tend in such crises to keep dollars or gold.” .
Egyptian culture
The Stock Exchange expert added to “Sputnik” that the Egyptian culture led to an increase in demand for the dollar, noting that the dollar’s rise at this time is not surprising, expected with the calm and decline of the Corona crisis in the last quarter of this year, this pace may calm down and the exchange rate of the pound will stabilize Against the dollar, coinciding with the return of economic activity and the increase in demand rates again.
The stock market expert, Rania Yaqoub, pointed out that despite the crisis, there is a positive view regarding the Egyptian economy, and this was represented in covering the last dollar bonds, which means that the movements of the pound against the dollar will not be violent and sharp, but they will be characterized by fluctuation, and the volatility rates will not increase. Between the pound and the dollar below 5 percent, the pound fell against the dollar during the second quarter, and this is not related to the increasing numbers of people with corona, but to the ability of the activity to coexist.
The price of the dollar rose today, Tuesday, the second of the month of June, by 4 to 7 piasters at the level of banks operating in Egypt, compared to the close of trading on Monday, recording in the National Bank of Egypt 15.89 pounds for purchase, 15.99 pounds for sale, compared to its price Yesterday 15.82 pounds for purchase, 15.92 pounds for sale, according to the latest updates of a number of different banks, especially the National Bank of Egypt, compared to prices that were prevailing during the past five months.
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