Despite the semi-stable situation of the foreign exchange market in Egypt, the Egyptian pound is falling against the dollar from time to time, as the Egyptian currency recorded its lowest level ever.
According to recent declines, the Egyptian pound’s losses against the dollar have amounted to around 23% since the Central Bank’s decision to switch to a permanently flexible exchange rate at the end of last October, and it has also fallen by 54.1% since last October. first float last March.
Read more: New losses for the Egyptian currency … and the dollar stabilizes above 24 pounds
Expectations indicate that the next period will see a stable state of exchange rates to stop the pound’s losses against the dollar, especially with the start of the Egyptian government to receive the financing package announced in recent days, amounting to 9 billion. dollars, of which 3 billion dollars from the International Monetary Fund.
In the foreign exchange market, Abu Dhabi Islamic Bank recorded the highest exchange rate for the US dollar at £ 24.25 in buying, compared to £ 24.30 in selling. At the Central Bank of Egypt, the dollar rate rose to 24.21 pounds for the purchase, compared to 24.32 pounds for the sale.
In 19 banks led by the Ahli United Bank and Al-Ahly of Kuwait, the dollar exchange rate reached £ 24.20 for the purchase, compared to £ 24.30 for the sale. In the National Bank of Egypt and Banque Misr, the US Green Paper posted a level of £ 24.15 for buying and £ 24.25 for selling.
The lowest dollar exchange rate at Al Baraka bank was £ 24.10 for the purchase, compared with £ 24.20 for the sale.
At the level of the major currencies, the European currency “the euro” at the National Bank of Egypt and Banque Misr recorded a level of 23.50 pounds in purchase and 23.85 pounds in sale. The euro exchange rate at the Central Bank of Egypt reached 23.58 pounds for the purchase and 23.68 pounds for the sale.
Read more: Egypt’s foreign reserves rose by 213 million in October to $ 33.411 billion
The pound exchange rate at the National Bank of Egypt and Banque Misr was at a level of 26.96 pounds for the purchase, compared to around 27.69 pounds for the sale.
In the Arab world, the exchange rate of the Saudi riyal against the Egyptian pound at the National Bank of Egypt and Banque Misr recorded a level of 6.42 pounds for the purchase, compared to about 6.45 pounds for the sale. The UAE dirham exchange rate also rose to £ 6.58 for the purchase and £ 6.60 for the sale. The Kuwaiti dinar exchange rate registered a level of 75.09 pounds for the purchase, compared to around 78.26 pounds for the sale.
According to a statement, Egyptian Prime Minister Mostafa Madbouly revealed that exchange rate flexibility would increase exports by increasing their competitiveness, as well as making imports less attractive.
He said the Egyptian government aims to double tourism revenue to $ 30 billion over the next few years, through a variety of ways, such as launching more flights and encouraging nautical tourism, adding that the impact of the inflation on the Egyptian economy is temporary.
In the same context, foreign exchange reserves rose to $ 33.4 billion at the end of October from $ 33.2 billion at the end of September, according to data released by the Central Bank of Egypt.
