A state of vibration and instability to which the price of the most powerful currency in the world is exposed, on 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 drop in its price, until it sometimes reached 37 pounds per dollar compared to 30.84 pounds in banks. .
The central bank insults the dollar
The price of the dollar witnessed a noticeable decline in the Egyptian black market, following assurances from banking sources that the central bank did not intend to float the pound, especially since the one controlling the price of the dollar is the mechanism of supply and demand, as it kept the interest rate at 18.25%.
The dollar’s decline coincides with the recovery of the Egyptian pound in the non-deliverable futures market, as the one-month pound contract traded around 32.9 per dollar, after recovering from its lowest closing level ever at 35.3 on April 25.
The price of the dollar on the black market is affected by many factors, including the strength of the Egyptian economy, the activity of the black market, the supply and demand for foreign currency, the political and economic events in the country, and at the international level as well, as well as the policy of supply and demand for the dollar and the Central Bank of Egypt.
The pound ends the dominance of the dollar
The Egyptian pound rose 12% on Egypt’s local black market over the past week as demand for US dollars declined.
The pound traded at around 37 to the dollar on Thursday, compared to 42 last Friday, which caused a sudden drop in demand for the dollar, prompting traders to reduce activity. This is in light of the pound trading at 30.9 to the dollar through official channels through banks.
The dollar index – which measures the performance of the US currency against a basket of 6 other major currencies – decreased by 0.31%, to record 102.705 points.
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 30.84 pounds for buying and 30.96 pounds for selling.
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.