The exchange rate of the dollar rose in Egyptian marketToday, Wednesday, in banks to 19.53 pounds and in the Central Bank to 19.58 pounds.
The price of the dollar in the middle of Wednesday’s trading at the National Bank of Egypt recorded 19.48 pounds for purchase, and 19.54 pounds for sale, with an increase of two piasters for buying and selling. Also, in Banque Misr, it recorded 19.48 pounds for purchase, and 19.54 pounds for sale, with an increase of two piasters for buying and selling.
The foreign currency in Egypt has become scarce over the past six months, forcing banks and importers to race in search of dollars to pay for imports.
The dollar also disappeared for reasons including the high cost of importing basic commodities, the decline in the number of Russian and Ukrainian tourists, and the dollar’s exit from the Egyptian treasury bond markets, with many economic experts saying that the Egyptian pound is overvalued.
In private banks, it was recorded in the Bank of Alexandria 19.51 pounds for purchase, and 19.56 pounds for sale, and in Cairo Bank 19.50 pounds for purchase, and 19.56 pounds for sale.
As for the Commercial International Bank, it recorded 19.50 pounds for purchase, and 19.56 pounds for sale, and at the Arab African Bank, 19.48 pounds for purchase, and 19.56 pounds for sale.
In Abu Dhabi Islamic Bank, it recorded 19.53 pounds for purchase, 19.56 pounds for sale, and Credit Agricole Bank 19.47 pounds for purchase, and 19.54 pounds for sale.
And it recorded in the Suez Canal Bank 19.44 pounds for purchase, and 19.54 pounds for sale, and in Al-Baraka Bank it also recorded the same levels.
Egypt has been negotiating a financial aid package from the International Monetary Fund since March to help it support its financial situation.
Economic and banking experts say that the newly appointed acting governor of the Central Bank of Egypt, Hassan Abdullah, is facing a dilemma related to deciding how quickly to let the pound fall against the dollar at a time when Egypt is negotiating a loan from the Fund.
The IMF had said in March that more flexibility in the exchange rate would have avoided Egypt from accumulating imbalances in its external balance and would have facilitated the absorption of economic shocks.