The price of the dollar on the black market

Despite the stability of the price of the dollar against the Egyptian pound at the level of various central banks, recording an average price of 30.96 pounds for sale, and 30.83 pounds for purchase, according to what was announced by the Central Bank of Egypt in the closing transactions of the banking week on Thursday, the price of hard currency on the black market is witnessing continuous increases. The price of the dollar against the pound on the black market now touches the level of 55 pounds. This is despite the slight decline that the price witnessed over the past two days, but it rose again in today’s trading.

The crisis in the price of the dollar was not limited to the large gap between its official price and its price on the black market, which caused many economic problems, most notably the rise in gold prices. However, the matter ignited a major crisis in Parliament also among many representatives, who allocated most of the briefing requests submitted by them. About the dollar crisis and its price on the black market, as the Speaker of the House of Representatives received over the past few period many briefing requests submitted about the dollar crisis, in which the representatives call on the government to control the situation and tighten oversight of the black market.

For its part, the government is trying to control the crisis through several various measures, including the measures taken by the Central Bank of Egypt in the recent period, foremost of which is setting a monthly maximum limit for the use of credit cards in international transactions according to what each bank decides, in addition to government referrals. To improve the situation of the Egyptian economy, which will be followed by an improvement in the position of the pound against the dollar, such as the IPO program of which the government recently announced a new phase, and its attempt to attract more foreign investment to provide hard currency, in addition to maximizing the local component.

At the level of members of Parliament, many of them believe that the matter poses a danger to the national economy, especially because it directly causes large and unprecedented rises in the prices of all goods and services, including food and basic goods and any goods related to the dollar, accusing the government of weak control over the black market. Especially in light of the large gap that now exists between the official price of the dollar in banks and its price on the black market, where the difference between the two prices exceeds 20 pounds.

Representative Sayed Hanafi Taha, a member of the House of Representatives, had submitted a briefing request to Counselor Hanafi Gebali, Speaker of the Council, addressed to the Prime Minister and the Minister of Finance, regarding the need for the government to take all measures to ensure confronting all those who attempt to attack and sabotage the Egyptian economy, especially since everyone knows that the rise The price of the dollar against the Egyptian pound directly leads to significant and unprecedented rises in all prices of goods and services, including food and basic commodities related to…

Representative Sayed Hanafi Taha stressed the need to completely eliminate the phenomenon of trading in dollars on the black market, and to implement the law with all decisiveness and force against violators and to apply the law to all those who try to harm the national economy by trading in dollars in illegal ways, pointing out the danger of this matter to the national economy. Especially since the difference is huge in the official price of the dollar and its price on the black market.

In the same regard, Representative Nabil Askar, a member of the House of Representatives, submitted a briefing request to Counselor Hanafi Jabali, Speaker of the Council, addressed to Dr. Mostafa Madbouly, Prime Minister, Dr. Mohamed Maait, Minister of Finance, and Hassan Abdullah, Governor of the Central Bank, regarding the insane rise in the price of the dollar. He stressed that the price of hard currency has risen insanely, which portends a great danger of an insane rise in prices, spare parts, and everything related to used goods. He pointed out that the price of the dollar has become the curse that citizens and investors follow on a daily basis in Egypt, given the dominance of the dollar in the fields of international trade and supply.

Meanwhile, Representative Amal Abdel Hamid, a member of the House of Representatives, attributed the fluctuation of the price of the dollar on the black market between falling at times and rising at times, to several factors, including the fluctuation of demand for the dollar on the black market, pointing out that the movements of the price of the dollar on the black market, whether rising or falling, are affected. The sudden demand for it increases, as the higher the demand, the higher the price, or vice versa. The representative also confirmed that price rise crises in general are the product of the global economic crisis, which affected the global economy, and then the local economies of countries.

2023-12-29 09:00:00
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