The price of the dollar in Egypt against the pound in banks continued to rise on the first day after the Central Bank allowed the pound to decline against the dollar, to levels close to 26.5 against the dollar.
In conjunction with this, the price of the dollar rose in some banks, to approach 27 pounds, today, Thursday; The parallel or black market has completely stopped working.
The price of the dollar in Egypt records new highs against the pound..and reached these levels
Yesterday, the Central Bank of Egypt again allowed the pound to decline against the dollar, to record the dollar’s exchange rate, the third significant increase against the Egyptian pound in less than a year.
Al-Ahly Bank and Misr Bank, the two largest government banks in Egypt, also offered a new savings certificate with an interest rate of 25% for a year, which is the highest in the Egyptian banking sector, according to press statements, of which Al-Arabiya.net obtained a copy.
Egypt announced targeting high inflation rates during the new year, and also reduced the price of the pound against the dollar during 2022, after it agreed with the International Monetary Fund, during the past month, on a loan of $ 3 billion.
And against the background of the new exchange rates for the dollar in Egyptian banks, Al-Suda stopped working until late trading on Wednesday, with no actual implementation in the market and the continued increase in the supply of dollars for sale. And in Thursday morning’s dealings, the highest exchange rate for the dollar was recorded in two banks, the Egyptian Bank for Export Development and Al-Ahli Bank of Kuwait at the level of 26.9 pounds for purchase, and 26.95 pounds for sale.
At the Central Bank of Egypt, the exchange rate of the US green note settled at 26.36 pounds for purchase, compared to 26.49 pounds for sale.
The dollar circulated in 3 banks, including the largest government banks, namely the National Bank of Egypt and Banque Misr, at the level of 26.8 pounds for purchase, compared to 26.85 pounds for sale.
read more: How did dollar speculation turn into sharp losses in Egypt?
In parallel with the new increase in the exchange rate of the dollar against the Egyptian pound, the National Bank of Egypt and Banque Misr announced the issuance of savings certificates with a record return of 25%.
The high-yield certificates aim to persuade holders of deposits in foreign currencies within the banking system to convert them into the local currency, as well as attract deposits from holders of foreign currency outside the banking system, and also reduce inflation by withdrawing liquidity from the market.
Since March of last year, and with the increases approved by banks in the exchange rates of the dollar, the exchange rate of the dollar in the official market has increased by 68.5%, gaining about 10.8 pounds, after the dollar exchange rate jumped from the level of 15.75 pounds to the level of 26.55 pounds at the present time. .
In the parallel market, and due to violent speculation, the exchange rate of the dollar had reached the level of 38 pounds, but as soon as the Executive Board of the International Monetary Fund announced its approval of the financing package for Egypt, and the Central Bank of Egypt released goods worth more than 6 billion dollars during 3 weeks of last December The exchange rate of the dollar in the parallel market has fallen to levels ranging between 28 and 31 pounds at the present time, with the absence of actual implementation and the control of a state of anticipation over transactions, and a large number of speculators and major traders have stopped working.