The average dollar price lost 12 pounds per pound during the week, to be sold at 15.91 pounds, compared to 16.03 pounds, according to the central bank’s website, amid expectations of further decline during the coming period. Ali Hariri, deputy head of the exchange department at the chambers of commerce, said that there is Movements by citizens to give up their currency, in anticipation of further decline, compared to last week.
The average dollar price fell by about 11% against the pound during 2019, with the improvement of foreign flows to the local market, and Tareq Amer, the central bank governor, said in previous statements that Egypt had received up to 200 billion dollars in foreign currency flows during the past four years. According to a previous report by “Bloomberg” agency, the pound occupied the list of one of the best performing currencies in the world last year, while local banks witnessed inflows of $ 1.7 billion in the five days ending January 13th.
“Rooms”: optimistic about new yellow metal declines during the year
The prices of gold bullets decreased by 4 pounds per gram during the week’s transactions, to sell 24 carat by 793 compared to 797 pounds, the week before last, and 21 carat recorded about 694 pounds, and 18 carats were sold at 595 pounds, and the gold pounds at 5 thousand and 558 pounds. Club Naguib, Vice President of the Gold Division, said that there is optimism about the price of gold during the current year, as it is expected to achieve significant gains compared to last year for the dealers, after the continued decline of the dollar against the pound, and the instability of stock positions in the stock market, which increases the rates of investment in Gold in Egypt, and then increase the demand for it locally.
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