In a new development, informed sources said that the Egyptian authorities have begun to tighten control over currency dealers and dollar speculators, as part of a campaign aimed at stifling the black market and stopping the rises in foreign exchange rates while narrowing the gap between exchange rates in the official market and the parallel market.
The sources, who asked not to be named, told Al-Arabiya.net that transactions in the black market are carried out with extreme caution and on a small scale, while a large number of senior traders have hidden from view and changed their places and started dealing with small traders only and through intermediaries.
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On the other hand, exchange rates stabilized in the official market, after the dollar exchange rate increased by about 3 piasters in Egyptian banks. The exchange rate of the dollar witnessed a significant movement against the Egyptian pound during the last period, as it rose during the past month between 50 and 60 piasters.
In the two largest government banks in terms of assets and transactions, the exchange rate of the dollar at the National Bank and Banque Misr stabilized at 24.64 pounds for purchase, and 24.69 for sale.
In private banks, the exchange rate of the dollar in the Commercial International Bank of Egypt recorded a level of 24.68 pounds for purchase, and 24.75 pounds for sale, and in the Egyptian Gulf Bank it recorded about 24.72 pounds for purchase, and 24.75 pounds for sale. And at the Central Bank of Egypt, the average price of the dollar against the pound was recorded. The Egyptian level is 24.69 pounds for purchase, and 24.74 pounds for sale.
As for the major currencies, the European currency, the euro, recorded an increase between 2 to 7 piasters, buying and selling in Egyptian banks. The exchange rate of the euro at the National Bank of Egypt and Banque Misr reached 26.06 pounds for purchase, and 26.29 pounds for sale.
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In the Commercial International Bank of Egypt, the euro exchange rate recorded a level of 26.11 pounds for purchase, and 26.36 pounds for sale. At the Central Bank of Egypt, the euro exchange rate stabilized at 26.20 pounds for purchase, and 26.25 pounds for sale. The exchange rate of the British pound has also stabilized at 29.78 pounds for purchase, and 30.17 pounds for sale, at the National Bank of Egypt and Banque Misr. At the Commercial International Bank of Egypt, it settled at 29.83 pounds for purchase, and 30.24 pounds for sale. At the Central Bank of Egypt, the exchange rate of the pound sterling reached 30.06 pounds for purchase, and 30.13 pounds for sale.
In the Arab world, the exchange rate of the Saudi riyal has stabilized in the National Bank of Egypt and Banque Misr, at 6.55 pounds for purchase, and 6.56 pounds for sale. The exchange rate of the UAE dirham recorded a level of 6.71 pounds for purchase, and 6.72 pounds for sale. The exchange rate of the Kuwaiti dinar has also stabilized at 77.78 pounds for purchase, and 80.64 pounds for sale.