A state of decline and instability in the black market in Egypt, as a result of the decline in demand for the dollar in the parallel market, which led to a sharp decline in the price of the green currency on the black market.
The price of the dollar on the black market declined, sometimes to less than 35 pounds per dollar, compared to 30.96 pounds in banks.
The decline of the dollar on the black market came after assurances from banking sources that the central bank had no intention of floating the pound, as the one controlling the price of the dollar is the mechanism of supply and demand.
This comes in conjunction with the recovery of the Egyptian pound in the non-deliverable futures market, where the one-month pound contract was trading around 32.9 per dollar, after recovering from its lowest closing level ever at 35.3 on April 25.
It is noteworthy that the forward contract of the Egyptian pound for a period of 12 months was at 43.3 per dollar during the last period.
The price of the dollar today in banks
The price of the dollar in banks operating in Egypt maintained its stability today, Wednesday, May 17, 2023, as the US dollar inside the Central Bank of Egypt reached about 30.83 pounds for purchase and 30.96 pounds for sale.
Despite the US Federal Reserve’s announcement of raising interest rates by 0.25%, the dollar maintained the stability of its exchange rate in Egyptian banks against the Egyptian pound.
The price of the dollar today in the National Bank of Egypt recorded about 30.75 pounds for purchase and 30.85 pounds for sale.
The price of the dollar in The United Bank reached about 30.85 pounds for purchase and 30.95 pounds for sale.
The price of the dollar today in Abu Dhabi Islamic Bank recorded about 30.90 pounds for purchase and 30.95 pounds for sale.
The price of the dollar today in the Bank of Alexandria achieved about 30.85 pounds for purchase, and 30.95 pounds for sale.
The price of the dollar in the Suez Canal Bank recorded about 30.85 pounds for purchase and 30.95 pounds for sale.
The price of the dollar today in Banque Misr scored about 30.75 pounds for purchase and 30.85 pounds for sale.
