2024-01-20 10:14:00
12:14 PM Saturday, January 20, 2024
Written by Manal Al-Masry:
The price of the dollar on the black market for currency trading jumped during today’s transactions once morest the pound by regarding 3 pounds at once compared to yesterday’s Friday morning transactions, recording a new historical level for the first time in Egypt, according to what an observer Masrawy spoke to said.
According to the observer, the price of the dollar jumped in the illegal parallel market for currency speculation to range between 61 and 64 pounds due to the decline in the supply of foreign exchange and the increase in purchase requests among dealers.
Analysts and bankers had previously told Masrawy that the price of the dollar on the black market was unrealistic and was due to pricing fluctuations and increased speculation among major manipulators.
The gap between the official and parallel prices increased by regarding 33 pounds, an increase of more than 100% compared to the price traded in the banking sector, near 31 pounds, until the end of trading last Thursday.
The dollar began to accelerate on the black market last week, as it recorded an increase of regarding 9 pounds from Sunday until Saturday, compared to the price of 55 pounds on the same trading days in the previous week, which reflects the continued foreign exchange pressures facing Egypt.
The Central Bank’s recourse to a flexible exchange rate policy – abandoning support for the pound and leaving it to supply and demand to determine its price once morest foreign currencies – led to the dollar rising by regarding 96% in the last two years, from 15.76 pounds in March 2022 to near 31 pounds in banks until the end of trading last Thursday, which is The price has been fixed since last March.
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To exceed 60 pounds…the dollar on the black market reaches a historic level in a week
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