Fitch Solutions expects the stability of the Egyptian pound against the US dollar at 30 pounds, and this stability in the exchange rate will continue until the end of the current year 2023. The economic report issued by the US agency announced that the flexibility of the Egyptian pound makes it move in a good direction until the present time.
Fitch Agency stated that the value of the pound rose against the American currency, the “dollar”, during a time when the exchange rate of the dollar in Egyptian banks ranged between 30.75 and 30.90 pounds for purchase, while the selling price ranged between 30.85 and 30.95 pounds.
The American “Citigroup” also announced that the US dollar will decline during the coming period in the event that more flexibility continues in the Egyptian exchange market and more investment flows are stronger.
It should be noted here that the net foreign exchange reserves of the Central Bank of Egypt recorded approximately 34.352.3 billion US dollars at the end of the previous month of February 2023, due to the recent movements regarding exchange rates after the black market for currency stagnated with a large number of traders stopping to Others stopped by the authorities, against the background of these decisive economic measures, the exchange rate of the dollar fell in the parallel market.
Also read: The latest movements in the dollar price today. Dollar prices in banks now.