Abdullah Abu Deif (Cairo)
The exchange rate of the Egyptian pound continued to rise once morest the dollar, and the average price of the dollar in banks decreased by regarding 28 piasters during the last 25 days, to reach the end of trading yesterday at 18.23 pounds for purchase, and 18.32 pounds for sale, according to central bank data.
The highest level that the dollar reached during the recent period was at 18.51 pounds for purchase and 18.60 pounds for sale on April 21, an increase of 18% from its level before the start of the last wave of the pound’s decline on March 20.
Walid Gaballah, the Egyptian economic expert, explained that the rise in the exchange rate of the pound is related to the decisions of the Central Bank since last March, which led to the stability of the local currency significantly following a significant increase in the price of the dollar, which reached regarding 18.50 pounds for the first time since the decision to float in 2016.
Jaballah added to “Al-Ittihad” that it is expected to raise the interest rate on the pound next Thursday at the meeting of the Monetary Policy Committee of the Central Bank, but this decision may not lead to a rise in the dollar, especially with the exit of most of the already hot money from Egypt starting in 2022.
Jaballah indicated that the decision aimed mainly at maintaining the prices of basic commodities in isolation from economic developments due to the Russian-Ukrainian war, which led to the US Federal Reserve raising interest rates twice in a row for the first time in a long time, which was followed by most of the world’s dollar-linked countries, including Egypt.
Egypt’s receipt of regarding $12 billion from the Gulf countries in recent months is a major reason for the stability of the Egyptian pound and then its gradual rise and restoration of its value once morest the US dollar, which was announced by Prime Minister Mostafa Madbouly recently in an international press conference.
The Central Bank also announced, in a statement, that the remittances of Egyptians working abroad during last March recorded regarding $3.3 billion, an increase of 12.8% (on an annual basis), compared to regarding $2.9 billion during March 2021, and remittances increased by 44.4% compared to the immediate previous month, February 2022, and recorded About $2.3 billion.
Tag:
Egyptian Pound
Economy Summary today, Saturday 5/7/2022.. The movement of the local gold markets continues
written by Alexandra Hartman Editor-in-Chief
Thank you for reading the news regarding the economy summary today, Saturday 5/7/2022. The movement of the local gold markets continues and now with the details of the news
Cairo – Samia Sayed – Today, Saturday 7-5-2022, the “Gulf 365” website published a set of important economic news, including the developments in gold prices in light of the existing global tensions, and the General Federation of Chambers of Commerce denied what was circulated regarding the suspension of the movement of local gold markets, In addition to a group of other economic news according to the following:
The Federation of Chambers of Commerce denies stopping the movement of buying and selling in the gold markets
Engineer Ibrahim Al-Araby, head of the General Federation of Chambers of Commerce, denied what is being circulated on some social networking sites regarding the suspension of the movement of the local gold markets “buying and selling”, stressing that the documents circulated in this regard are not related to the chambers of commerce in any way, and the news that is being circulated This is completely false.
The Sanitary Ware Division is looking into the transformation of the plumbing sector importers into local manufacturing
The Sanitary Ware Division of the Cairo Chamber of Commerce, headed by Fawzy Abdel-Galil, is discussing with a number of merchants in the sanitary and plumbing sector to switch from import to local manufacturing, in order to take advantage of the controls set by the state to reduce the import process and the import bill.
Gold prices are down 40 pounds in the markets… and 21 karat drops to 1180 per gram
Gold prices witnessed a decline a little while ago by regarding 30 pounds, following prices fell 10 pounds, bringing the total value of gold to 40 pounds in Saturday’s trading, and 21 karat fell from 1210 to 1180 pounds per gram.
Euro prices in Egypt .. 19.32 pounds for purchase and 19.55 pounds for sale
The price of the euro today witnessed stability once morest the Egyptian pound in the banks operating in Egypt, recording in the National Bank the price of 19.32 pounds for purchase, and 19.55 for sale, and in the Bank of Alexandria, it recorded 19.27 pounds for purchase, and 19.57 for sale, while in the Central Bank of Egypt it recorded 19.34 pounds for purchase, And 19.46 pounds for sale.
Extending the daily working hours of the financial control until five in the evening, starting tomorrow
The Financial Supervisory Authority decided to extend the number of daily working hours to nine hours until five in the evening, starting tomorrow – with the end of the Eid Al-Fitr holiday – to meet the work necessities and to facilitate the stakeholders of those dealing in non-banking financial activities.
Antiquities participate in the Arab Forum for Tourism and Travel (ATM) in Dubai
The Ministry of Tourism and Antiquities, represented by the Egyptian General Authority for Tourism Activation, participates in the activities of the Arab Forum for Tourism and Travel (ATMWhich will be held in Dubai, United Arab Emirates, from 9 to 12 May.
Publications circulating on the communication sites.. Media outlets explain the fact that the sale of gold stores has been stopped
written by Alexandra Hartman Editor-in-Chief
Sharjah – Omaima Yasser –
Some pages and accounts on social networking sites circulated news of stopping sales in gold shops.
And media outlets reported that some pages and accounts on the social media circulated news that there were instructions to stop selling gold until further notice, following the uproar caused by the rise in gold prices to historical levels in Egypt, and accusations of traders exaggerating pricing.
And the page of the “i jewelers” website on Facebook, a company that sells jewelry and bullion on the Internet, announced that it had suspended trading on gold, until further notice, and also stopped announcing prices, “as a result of the confusion in gold prices locally.”
And the “Masrawy” website quoted Hani Milad, head of the Gold Division at the Cairo Chamber of Commerce, as saying that there is no truth to what is being circulated on social media, by stopping sales in gold shops.
Milad confirmed that the buying and selling movement continues in its natural form in gold shops, adding that the demand for bullion and gold pounds is currently high in the markets, for consumers to take gold as a safe haven.
Milad indicated that the increase in demand for bullion and gold pounds pushed prices to rise in the local market.
According to Naguib Naguib, the former Secretary General of the Gold Division at the Cairo Chamber of Commerce, in statements to the “Masrawy” website, the price of a gram of 21 karat gold rose to 1250 pounds on Friday, which is considered the highest price ever locally.
During the past days, gold prices in Egypt witnessed big jumps, following the US Central Bank’s announcement of raising interest rates on the dollar, which raised some expectations regarding the possibility of an increase in the price of the US currency once morest the pound.
Najeeb stated that “the prices are currently rising due to the rise in the price of the dollar in the parallel market.”
The price of gold in Egypt is usually linked to the price of the dollar once morest the pound, especially in the parallel market.
The rise in the price of the dollar today, Monday, April 11, 2022 in Egyptian banks
written by Alexandra Hartman Editor-in-Chief
The price of the dollar rose today, Monday, April 11, 2022, in Egyptian banks and various exchange companies during daily transactions in the financial markets, as the price of the dollar today was higher than yesterday, whether in buying or selling, with an increase in withdrawal rates on the dollar, while the Central Bank of Egypt is trying to pump large quantities of the dollar to cover the needs of the Egyptian banking market.
Today, Monday, the trading screens in Egyptian banks showed an increase in the price of the dollar once morest the Egyptian pound, with the increase in withdrawal rates, while the Central Bank of Egypt is trying to stabilize the price of the dollar because it is linked to the price of imported goods from abroad.
The price of the dollar today, Monday, April 11, 2022 in Egyptian banks
The exchange rate of the dollar once morest the pound rose in daily transactions in banks and various exchange companies, with the influx of foreign currencies from Egyptians abroad.
The price of the dollar today in Egypt
The rise in the dollar’s price today in banks came according to the average price in circulation with the beginning of the banks’ work at the level of 18.28 pounds for sale, and 18.40 pounds for buying, compared to 18.23 pounds for sale and 18.33 pounds for buying yesterday, Sunday.
The exchange rate of the dollar once morest the pound in the Central Bank of Egypt
While the price of the dollar in the Central Bank of Egypt came once morest the pound today, Monday, – which is the official trading price – at the level of 18.28 pounds for sale and 18.40 pounds for purchase.
The price of the dollar today in banks
The price of the dollar came today, Monday, April 11, 2022 in Egyptian banks, as follows:
The price of the dollar today in the National Bank of Egypt: 18.30 pounds for purchase and 18.38 pounds for sale.
The price of the dollar in Banque Misr today: 18.30 pounds for purchase and 18.38 pounds for sale.
As for the price of the dollar today in Banque du Caire, it is: 18.30 pounds for purchase and 18.38 pounds for sale.
The exchange rate of the dollar in the Bank of Alexandria today is at the level: 18.30 pounds for purchase and 18.40 pounds for sale.
The price of the dollar today at the Commercial International Bank came: 18.30 pounds for purchase and 18.40 pounds for sale.
While the dollar exchange rate at Abu Dhabi Islamic Bank recorded: 18.30 pounds for purchase and 18.40 pounds for sale.
The price of the dollar once morest the pound in the Suez Canal Bank: 18.30 pounds for purchase and 18.41 pounds for sale.
The price of the dollar today on the black market
The Egyptian government prevents the circulation of different currencies outside banks and exchange companies, in what is known as the black market or the parallel market, and it imposes severe penalties on this matter, as there are some people who work in the trade of different currencies outside the official banking market.
The price of the dollar today on the black market in Egypt ranges less than the movement of trading in banks from 2 to 5%, depending on supply and demand.