Written by Hani Al-Houti Friday, March 15, 2024 04:00 PM The prices of most foreign currencies fell against the Egyptian pound, in Egyptian banks, a week after the Central Bank’s decision to implement a flexible exchange rate system, and according to the average exchange rates of currencies against the Egyptian pound in… central bankto retreat dollar price From 49.34 pounds to buy and 49.44 pounds to sell to 47.76 pounds to buy and 47.90 pounds to sell.
The price of the euro also fell from 53.75 pounds to buy, 53.90 pounds to sell to 52.24 pounds to buy, 52.40 pounds to sell, and the exchange rate of the pound sterling fell from 62.79 pounds to buy, 63.21 pounds to sell to 61.18 pounds to buy, 61.37 pounds to sell, and the price of the Saudi riyal fell from 13.15 pounds. To buy, 13.18 pounds to sell to 12.73 pounds to buy, and 12.77 pounds to sell.
The exchange rate of the UAE dirham fell from 13.43 pounds to buy and 13.47 pounds to sell in the Central Bank of Egypt to 13 pounds to buy and 13.04 pounds to sell. In the same way, the price of the Kuwaiti dinar fell from 160.51 pounds to buy and 160.999 pounds to sell to 155.43 pounds to buy and 156.04 pounds. For sale.
This comes a week after the Central Bank of Egypt decided to implement a flexible exchange rate system, which resulted in an increase in the volume of remittances by Egyptians abroad, and those holding the dollar gave it up through official channels due to the lack of difference between the official price and its price in the parallel market, and indirect foreign investment flows also began. To return again, whether in government debt instruments or in the money market.
The Central Bank obtained dollar flows from the first batch of the deal to develop the Ras Al-Hekma area, which amounted to $10 billion, in addition to a waiver of $5 billion in UAE deposits. The Central Bank is scheduled to receive another $16 billion within less than two months, in addition to the waiver. 6 billion dollars from UAE deposits. In addition, the Central Bank will receive the first tranches of the International Monetary Fund loan, the value of which increased from 3 to 8 billion dollars.
It is also expected that the Central Bank will obtain more than a billion dollars from the Environmental Sustainability Fund of the International Monetary Fund, and more than 8 billion dollars from the World Bank and the European Union, and a delegation from the latter is expected to visit the country in the coming days to agree on the form of foreign exchange flows provided to Egypt. .
The government is focusing on using foreign exchange flows to release the goods accumulated in the ports, the most important of which are basic commodities, raw materials and production requirements, and to pay the dues of foreign partners to encourage them to expand production from oil fields, in addition to paying international obligations.
2024-03-15 14:00:00
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