05:23 PM
Wednesday 03 June 2020
–
I wrote – Sherine Salah:
The dollar exchange rate against the pound continued to rise on Wednesday, compared to yesterday’s level.
The average dollar exchange rate rose by about 10 piasters today to reach 16.03 pounds for purchase, and 16.13 pounds for sale, according to central bank data.
According to central bank data, the price of the dollar against the pound reached its highest level since mid-December last, that is, five and a half months ago when it was 16.15 pounds for sale and 16.05 pounds for purchase.
Bankers told Masrawy that the rise in the price of the dollar during the past days, and its increase above the level of 16 pounds, is due to the increase in demand for imports and the return of the path of foreign investors’ exit from debt instruments from emerging markets, including Egypt.
They added that this increase in demand for the dollar coincides with the decline in dollar flows to Egypt due to the negative economic implications of the spread of the Corona virus.
The Corona virus caused the decline in hard currency resources from tourism, remittances from Egyptians working abroad, exports, and the exit of indirect investments.
During the trading today, the price of the American currency rose 10 piasters at the National Bank of Egypt and Egypt to 16.01 pounds for purchase, and 16.11 pounds for sale.
The price of the dollar increased by 10 piasters in Cairo, Construction and Housing, International Commercial, Arab African, and Suez Canal to 16.03 pounds for purchase, and 16.13 pounds for sale.
The price of the American currency increased 10 piasters at the Bank of Alexandria to 16.02 pounds for purchase, and 16.12 pounds for sale.
The price of the dollar rose 7 piasters Credit Agricole to 15.98 pounds for purchase, and 16.08 pounds for sale.
The price of the dollar increased 10 piasters at Al Baraka Bank to 16.03 pounds for purchase, and 16.13 pounds for sale.
The price of the dollar rose 26 piasters in the Abu Dhabi Islamic Bank to 16.03 pounds for purchase, and 16.13 pounds for sale.
– .
