What is happening in the black market for the dollar, and why did the currency whales stop their activity, and what happened in Al-Shorouk, and the story of the currency networks that expect one after the other?
Since the last four days, the black market for the dollar has been increasing, and its prices have fallen very dramatically, reaching 9 pounds in a few days, and the decline is still continuing, and it appears that the parallel market is breathing its last.. Ok, what happened.
Over the past few days, the state has revealed good and happy news regarding the liquidity of the dollar in the banking market, its availability to importers, and ending the crises of customs releases, and at the same time renewing 5 deposits of Gulf countries in the Central Bank of Egypt, which means postponing their repayment, which reduces the burden of foreign debts significantly, and these are all blows to the market. Parallel, but the biggest blow was from the International Monetary Fund, which announced major support for Egypt in the near future and almost resolved the loan crisis, and also doubled it to 6 billion dollars, which made the black market almost collapse.
On the other hand, the state is moving forcefully to pursue the currency mafia and the dollar whales, and in recent hours it has launched major campaigns nationwide to target currency traders. This news has shaken the black market and a large number of traders have decided to freeze their activity because their downfall means losing and confiscating everything they have collected from illegal trade.
There is something that happened in the city of Shorouk in Cairo that made currency traders turn their heads around, which was the fall of one of the wholesale whales after he was on his way to make a big deal and held on to 24 million pounds at once, and this was not the amounts he hid from the currency collection, which would be multiples of this amount.
The merchant admitted that he actually trades in currency, specifically the dollar, by transferring money illegally to and from the country and away from the banking market, in what is known as the clearing system, in exchange for an agreed upon percentage of those wishing to transfer, and that the sums of money seized in his possession were obtained from his illegal trade, and he revealed another network. In currency trading, he deals with them.
But the most important thing in the trader’s confessions is that he revealed the secret method of trading in the currency market, which is through networks and groups that include sellers, buyers, and intermediaries, and that the issue involves companies and businessmen, and that each network is connected to each other like the beads of a rosary, and this is the information that the competent authorities played on and knew that the fall of a network means The collapse of many networks has caused terror in the illegal currency market.
Of course, the fall of the currency networks is the biggest blow to the black market for the dollar, which is affected with lightning speed by any threat to it, and the traders decided to calm down the game so as not to fall.
2023-12-05 01:05:16
#night #currency #whales #fell.. #merchants #froze #activity #Battle #Sunrise
