04:12 PM
Friday 25 March 2022
I wrote – Manal Al-Masry:
Abdel-Majid Mohi El-Din, Chairman of the Board of Directors of Al-Ahly Exchange Company, owned by the National Bank of Egypt, said that the company decided to open its branches on Friday exceptionally until 9:00 pm, after the increase in the flow of customers to the sale of foreign exchange, especially from (dollars, euros and Saudi riyals) during the last 4 days. .
The value of the pound fell against foreign currencies, starting on Monday, and a high-return certificate of 18% with a one-year term was issued in Al-Ahly and Egypt banks, which is the highest interest offered in the banking sector, which motivated customers to sell the currency and reinvest it in the high-return certificate.
In statements to Masrawy, Abdel Meguid explained that the company opened its branches in an exceptional way after the total foreign exchange earnings from different currencies jumped to the equivalent of 640 million pounds in the last 4 days for the first time since the beginning of this year.
Al-Ahly Exchange’s 56 branches operate from eight thirty in the morning until nine in the evening, with the exception of tourist areas, where they close at 10 or 11 in the evening throughout the week, except for Friday.
Abdul Majeed added that the rate of growth in selling the euro currency from customers to the company reached more than 500% in the last 4 days, and the rate of selling dollars from customers jumped by more than 100% on the fourth day yesterday, Thursday, in addition to a growth in customers’ sale of Arab currencies, led by the Saudi riyal .
Abdul Majeed explained that the company’s dollar earnings in the last 4 days alone recorded a total of 11.7 million dollars from Monday to Thursday, as the fourth day’s earnings doubled compared to the previous three days.
He added that the proceeds of customers selling dollars on Thursday only witnessed an increase of 135% of customers selling dollars, to record the proceeds of 4.7 million dollars, compared to 2 million dollars of daily sales after the pound fell against the dollar, which shows the increase in foreign exchange earnings from customers.
As for customers selling the euro currency, it was recorded in the last 4 days only 6.9 million euros, where the proceeds on Thursday only witnessed an increase of 60% compared to the previous three days, which shows the volume of the flow of customers to sell the currency, according to Abdel-Majid.
He explained that the rate of customers selling the euro on Thursday only amounted to 2.4 million euros, compared to 1.5 million euros of daily sales from customers starting on Monday, which witnessed the first decline in the value of the pound against the dollar.
Abdul Majeed stressed that the 18% certificate motivated customers to sell the currency and buy the pound to invest in the certificate with a rewarding return.
The proceeds of selling a high-interest savings certificate jumped 18% today, Thursday, to about 153 billion pounds, in the first 4 days of its offering in Al-Ahly and Egypt banks, according to officials from the two banks to Masrawy.
The Central Bank of Egypt suddenly raised interest rates by 1%, in an extraordinary meeting last Monday of the Monetary Policy Committee.
Al-Ahly Exchange has a capital of 300 million pounds, and the company aims to increase it during the coming period, according to Mohieldin.