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Egyptian Pound

The dollar’s value on the black market is on the upswing again this week following a period of stability.

by Chief editor of world-today-news.com March 28, 2023

written by Chief editor of world-today-news.com

Today, Tuesday, March 28, 2023, the price of the dollar rose on the black market by about 3 pounds against the Egyptian pound.

Sources told The Weekly that the price of the dollar against the pound increased today in the parallel market, bringing the buying and selling price to 38 and 37.5 pounds, respectively, compared to 35 pounds on Monday.

The sources indicated that the average price of the dollar increased today against the background of the local market’s anticipation of the interest rate decision of the Central Bank of Egypt next Thursday, and amid expectations that the decision will coincide with a new decline in the price of the pound against the dollar at the end of this week.

Dollar forecast

– Expectations issued by HSBC Bank last week saw that the Egyptian exchange market would reach a new devaluation of the pound, up to an average price of 35 and 40 pounds against the dollar, in the medium term.

– Credit Suisse also expected that the price of the dollar against the pound in the short term would reach levels of 35 pounds.

On the other hand, the French Societe Generale believes that the price of the dollar against the pound will reach levels of 34 pounds by the end of March.

The price of the dollar today

The average buying and selling price of the dollar against the pound in Egyptian banks today, Tuesday, March 28, recorded about 30.95 pounds and 30.85 pounds, respectively.

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The price of the dollar is stable against the pound in the middle of today’s trading

The price of the dollar, the beginning of trading today, Tuesday 3-28-2023

The sixth day of Ramadan.. Dollar prices in Egypt today, Tuesday, March 28

March 28, 2023 0 comments

Business

The “import dollar” crisis portends a return to the accumulation of goods in Egypt’s ports

by Chief editor of world-today-news.com March 1, 2023

written by Chief editor of world-today-news.com

The hard currency crisis in Egypt has re-emerged during the past two weeks, after a number of government and private banks stopped opening new documentary credits or collection documents for importers, due to the scarcity of the dollar in the largest market in the region in terms of the number of consumers, according to 5 banking sources and two businessmen who spoke with East Economy.

Egypt has been going through one of the most difficult crises in terms of providing foreign currency, since March 2022, when foreign investors exited emerging markets following the Russian-Ukrainian war, and it did not succeed in reaching an agreement with the International Monetary Fund to obtain direct financing of $ 3 billion, within credit facilities exceeding $9 billion, in attracting large foreign investments to the country’s stock markets.

An official in an Egyptian government bank indicated that “the movement of currency management for import operations stopped again weeks ago,” requesting that his name not be disclosed due to the sensitivity of the issue.

Sisi: Egypt needs $100 billion in investments over 5 years to bridge its dollar gap

Another official in a private bank revealed that there is a “significant decline in the proceeds of waiving hard currency with the bank, and the interbank market has also stopped, and therefore there is not enough liquidity to finance import requests.”

The Egyptian government had released goods worth more than $15 billion from the beginning of last December until mid-February 2023, after the ports were crowded with goods that needed dollar appropriations for their release, which is feared to happen again if the dollar is not available to importers.

East Economy sent a text message to the Central Bank of Egypt to find out its opinion about the availability of hard currency for importers, but it did not get an immediate response.

While an official in one of the Egyptian ports confirmed to “East Economy” that “goods are not accumulated in the ports, but there is a delay in procuring hard currency for some shipments.”

March 1, 2023 0 comments

Business

The price of the dollar today.. Expectations of a decline in the pound again

by Chief editor of world-today-news.com February 26, 2023

written by Chief editor of world-today-news.com

Bankers expected today for “The Week” that the price of the dollar against the Egyptian pound would record new high levels near 33.70 ranges during next March, provided that the local currency would decline in April trading to record 34.80.

The local currency declined against the US dollar more than once during the current year, recording decreases of 5.87 or 23%, from 24.71 pounds to 30.58, according to the currency screen of the National Bank of Egypt.

dollar today

The highest price of the US dollar against the pound was recorded in Abu Dhabi Islamic Bank at 30.63 pounds for purchase and 30.68 pounds for sale, while the lowest price for the dollar in the National Bank of Egypt and Banque Misr and Industrial Development ranged at 30.48 pounds for purchase and 30.58 for sale.

The price of the dollar today

The pound fell

And the French bank Societe Generale expected that the value of the pound would decrease again by 10% at the end of March 2023, so that the dollar would reach 34 against the pound.

Analysts attributed this to the Central Bank of Egypt, as soon as dollar inflows return to the country, it will move to build its foreign currency reserves, which will expose the pound to continued pressures on it and to fall again against the US dollar.

Economists told The Week that the Egyptian pound will trade against the dollar at 31.55 by the end of this quarter, according to global macroeconomic models and analysts’ expectations looking into the future, with an estimate that the dollar will trade at 34.86 within 12 months.

The Central Bank of Egypt announced this month that the country’s external debt decreased by about $728 million, to record $154.980 billion at the end of the first quarter of “2022-2023,” compared to $155.708 billion at the end of June 2022.

The Central Bank indicated that the country’s long-term external debt amounted to about $127.572 billion, while the short-term debt amounted to $27.408 billion.

On the other hand, the government’s external debt at the end of December 2022 recorded about $80.340 billion, compared to $82.275 billion at the end of last June.

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The price of the dollar in Egypt today, Sunday, February 26, 2023

Dollar prices in Egyptian banks today.. Sunday 26-2-2023

February 26, 2023 0 comments

Business

A new shock in the black market.. The price of the dollar today, Thursday, January 26, 2023

by Chief editor of world-today-news.com January 26, 2023

written by Chief editor of world-today-news.com

The exchange rate of the dollar against the Egyptian pound at the beginning of today’s dealings, Thursday, January 26, 2023, and many Egyptians are searching for the exchange rate of the dollar in Egypt in daily dealings.

The price of the dollar today in Egypt

Dollar prices witnessed relative stability in Egypt, at the beginning of today’s trading, Thursday, January 26, 2023. In the following report, we monitor for you the exchange rate of the dollar against the Egyptian pound in Egyptian banks.

The price of the dollar in Egypt

The price of the dollar witnessed a variation today in Egypt, and it rose close to 29.89 pounds for purchase and 29.94 pounds for sale, with an increase of only two piasters from yesterday’s transactions, and in the Abu Dhabi Commercial Bank, the price of the dollar today recorded 29.84 pounds for purchase and 29.94 pounds for sale.

The price of the dollar in the National Bank of Egypt and Banque Misr today reached 29.74 pounds for purchase and 29.84 pounds for sale, while the price of the dollar in the Bank of Alexandria recorded 29.84 pounds for purchase and 29.94 pounds for sale.

In the Suez Canal Bank, the price of the dollar today reached 29.84 for purchase and 29.94 pounds for sale, and the exchange rate of the dollar in the Industrial Development Bank reached 29.72 pounds for purchase and 29.82 pounds for sale.

The price of the dollar today in the Commercial International Bank reached 29.74 pounds for purchase and 29.84 pounds for sale.

The exchange rate of the dollar against the pound in Syria on the black market

The price of the dollar in Syria today, Thursday, January 26, 2023, on the Syrian black market. The exchange rate of the dollar in Syria today, on the black market, reached 6,670 pounds for purchase, and 6,730 pounds for sale.

The price of the dollar against the Syrian pound today, Thursday

The price of the dollar against the Syrian pound today, the Syrians are living in tragic conditions, whether political or economic, and living conditions that led to the deterioration of the Syrian pound against the US dollar, as the price of the dollar against the Syrian pound today, Thursday, reached more than 6,670 pounds for every one dollar, which means that 100 dollars It is equal to about 673 thousand Syrian pounds.

The right to buy quickly.. The price of gold in goldsmiths’ shops today, Thursday, January 26, 2023

January 26, 2023 0 comments

News

Reuters: Expectations of a decline in the price of the dollar to near 26 pounds by the end of January

by Chief editor of world-today-news.com January 25, 2023

written by Chief editor of world-today-news.com

05:06 PM

Wednesday, January 25, 2023

I wrote – Shaima Hefzy:

A Reuters poll predicted, today, Wednesday, that the Egyptian pound will consolidate against the dollar during the next five months, before declining again.

18 economists participated in the survey, and the agency said that the participants expected the dollar price to drop from the current level of 29.8 pounds to about 26.24 pounds by the end of next June (the end of the current fiscal year).

However, the poll expected the dollar to rise again during the next fiscal year, to reach the level of 28.5 pounds by the end of June 2024.

The price of the pound fell against the dollar over the past year, after the Central Bank of Egypt allowed the dollar to move to the level of 32 pounds in early January, from the level of 15.8 pounds last March, before it returned to trading just below the 30-pound line.

January 25, 2023 0 comments

Business

A record drop in the value of the Egyptian pound against the dollar

by Chief editor of world-today-news.com January 11, 2023

written by Chief editor of world-today-news.com

The value of the Egyptian pound is declining again against the dollar in Egypt after the Central Bank of Egypt adopted a looser exchange rate policy.

The successive rises in the price of the dollar on the Egyptian foreign exchange market triggered an unprecedented wave of inflation

Today, Wednesday, the US dollar recorded its all-time high in the Egyptian foreign exchange market, breaking above 30 Egyptian pounds to the dollar.

With the price of the dollar rising to above 30 Egyptian pounds, the pound has lost about half its value since last March, when the Central Bank of Egypt announced a more flexible policy in the foreign exchange market, while the rate of Dollar exchange rate at that time was less than 16 Egyptian pounds.

Last March, Egypt’s central bank announced a more flexible exchange rate policy against the backdrop of a sharp decline in Egypt’s foreign exchange reserves, which fell from over $40 billion to below $34 billion.

The jump in the dollar today, from around £27 to over £30 per dollar, is the third in less than a year.

Before the end of last October, and before concluding an agreement with the International Monetary Fund, according to which Egypt would obtain a loan of 3 billion dollars, the bank once again lowered the pound exchange rate, bringing the price of the dollar at less than 24 pounds, after which it recorded subsequent partial increases that took it yesterday to over 27 pounds.

And yesterday, Tuesday, the International Monetary Fund held a press conference announcing the terms of the agreement concluded with Egypt, which provided for Egypt’s commitment to a complete liberalization of the exchange rate, so the dollar recovered to exceed the 30 pounds.

Subsequent increases in the price of the dollar in the Egyptian foreign exchange market led to an unprecedented surge in inflation, as inflation rates soared to their highest levels in five years.

Core inflation, according to data from the Central Bank of Egypt announced yesterday Tuesday, exceeded the level of 24%, while headline inflation reached 21.9%, according to the bulletin of the Central Agency for Public Mobilization and yesterday’s stats.

January 11, 2023 0 comments

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