Why has the dollar lost 8 piasters of its price since the first of February? A banking expert lists the reasons

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The banking expert, Dr. Mohamed Abdel-Aal, attributed the decline in the dollar exchange rate against the Egyptian pound by about 8 piasters since the first of February, to Egypt’s success in marketing dollar bonds in the bond markets by about $ 3.75 billion, which contributed to strengthening foreign monetary reserves and financing budgetary needs.

Abdel-Aal listed to Al-Masry Al-Youm other reasons behind the decline in the dollar’s ​​exchange rate, among them the Egyptian pound’s continued realization of the highest real return among emerging market currencies, which increases its attractiveness (the pound) in the eyes of workers abroad, and in the eyes of those wishing to invest. Indirect foreigner.

The banking expert explained that the recovery of foreign exchange sources, the shrinking of the import bill and the growth of international reserves of foreign exchange, along with the increase in remittances from Egyptians abroad, were reflected in the exchange rates of the dollar.

The dollar exchange rate witnessed a decline against the Egyptian pound, in the middle of (Thursday) transactions, to lose about two piasters in a number of banks dealing in the local market, compared to the prices announced at the end of yesterday’s transactions (Wednesday).

The price of the dollar in Banque Misr recorded 15.58 pounds for purchase and 15.68 pounds for sale, according to what is announced on the bank’s official website.

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