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 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
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