Social networking sites have turned into a battlefield and violent debates between Egyptians because of the dollar.
And among those who present a negative view ofThe future of the Egyptian pound, and among those who believe that the current exchange rates are fair And because there are no new price increases, a large segment remains confused.
This is what appears from the publications that question the fate of the dollar, and perhaps these are the ones who rushed to enter the currency market as soon as the Central Bank of Egypt reduced the value of the pound against the dollar on March 21, and converted all the money in their possession into dollars and bought it at levels within the limits The 20 pounds.
This segment, which tended to dollarization, aspired that the exchange market would witness more turmoil due to speculation, but the instructions for the banks not to receive any hard currency of unknown source, confused the accounts of all traders and speculators, which prompted them to put up their hard currencies for sale through websites Social Media.
The publications circulating on the currency pages indicate a large number of currency traders offering large sums of dollars for sale, and the publication is often accompanied by a sentence for the “highest price”. Which indicates a shock and violent confusion in the market in light of the dollar’s tendency to descend in the official market.
On the exchange market, the dollar’s prices stabilized at low levels compared to its highest peak, after the Central Bank reduced its value against the dollar on March 21.
The dollar exchange rate against the Egyptian pound recorded 18.23 pounds for purchase, and 18.29 pounds for sale. While the European euro exchange rate recorded a level of 19.20 pounds for purchase, and 19.38 pounds for sale.
The exchange rate of the pound sterling against the Egyptian pound reached 22.67 pounds for purchase, and 22.86 pounds for sale.
In the Arab world, the exchange rate of the Saudi riyal against the Egyptian pound stabilized at the level of 4.85 pounds for purchase, and 4.88 pounds for sale.
The exchange rate of the UAE dirham was 4.96 pounds for purchase, and 4.98 pounds for sale.
While the Kuwaiti dinar exchange rate reached 57.27 pounds for purchase, and 59.74 pounds for sale.
At the end of last week, the Central Bank of Egypt decided to raise the main interest rates by 200 basis points, as the Monetary Policy Committee decided to raise the interest rate on overnight lending to 12.25% from 10.25%, and also increased the overnight deposit rate to 11.25% from 9.25%. .