The price of the US dollar rose against the Egyptian pound, in the unofficial black market for currency trade, between 40 and 40.5 pounds against one dollar, with the beginning of transactions this week, according to the statements of two exporters working in exchange companies and observers of the price of the dollar on the black market.
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The dollar rose to more than 40 pounds on the black market, this came after the price fell during the previous week’s transactions between 4 and 6 pounds, as the exchange rate of the dollar ranged between 34 and 36 pounds, and after the government’s decision to allow gold imports to enter with those coming from abroad without any Customs excluding VAT.
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One of the sources stated that the return of the price of the US dollar to rise again is due to the lack of available supply of it in the parallel market itself, and the inability of banks and exchange companies to provide foreign exchange for customers quickly and adequately.
The average price of the dollar in banks recorded between 30.84 pounds for purchase, and the selling price recorded 30.94 pounds during yesterday’s transactions, according to official statements announced by the Central Bank of Egypt.
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The decline in the price of the dollar on the black market and its return to rise
Another source working in an exchange company announced that the dollar’s price drop on the black market and its return to rise again have unknown reasons, as the dollar’s price moves randomly.
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It should be noted here that the money changers and banks operating in the local exchange market have been suffering from a foreign exchange shortage crisis since the first quarter of the previous year 2022, after the Russian-Ukrainian war broke out and the indirect foreign investments of about $22 billion left the country and were funded by banks and the Central Bank of Egypt.
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Therefore, a foreign exchange crisis and other consequences have been generated, including the return of waiting lists for import financing applications in banks, and the slow exit of goods from the ports again due to the continued shortage of foreign exchange in the official and unofficial local market.
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2023-06-02 23:55:00
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