2023-12-03 12:46:00
02:46 PM Sunday 03 December 2023
Written by Manal Al-Masry:
The selling price of the dollar in the unofficial market for currency trading, the “black market,” witnessed stability during Sunday’s trading, following a sharp decline last Thursday for the first time in a month, according to what an observer Masrawy spoke to said.
The exchange rate of the dollar in black market transactions stabilized at 46 and 47 pounds during today’s transactions, following it fell from the level of 51 and 52 pounds last Thursday, driven by a decline in demand for purchasing it from some groups.
Demand for buying the dollar on the black market declined sharply among dealers during Thursday’s trading suddenly, with the difficulty of identifying the categories or segments causing the increase in demand for buying the currency, according to what observers said.
Despite the decline of the dollar on the black market, the gap between the official and unofficial prices remains high, reaching regarding 16 pounds, as its price in banks during today’s transactions was recorded at close to 31 pounds, which is the same price fixed at it last March.
During the month of November, the price of the dollar recorded successive jumps in black market transactions, reaching the level of 52 pounds due to a sudden increase in demand for its purchase in exchange for a shortage in supply in banks and money exchanges, before it fell to 46 pounds at the end of Thursday’s trading, according to what two exchange market observers told Masrawy earlier. .
Banks are facing severe pressure from a shortage of foreign exchange following the exit of indirect investments worth $22 billion in the middle of last year, due to the negative consequences of the Russian-Ukrainian war.
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