Data from the National Bank of Egypt, the largest government bank in Egypt, showed that the dollar recorded a price of 25.95 pounds for purchase, and 26 pounds for sale, in trading today, Wednesday, so that the pound recorded the largest decline in its history against the dollar.
The dollar recorded a price of 25.65 pounds for buying and selling in Banque Misr, and the dollar reached 25.31 pounds for purchase, and 25.41 pounds for sale in the Commercial International Bank of Egypt, the largest private bank.
While Refinitiv data showed that the Egyptian pound fell to 25.20 per dollar today, Wednesday, recording the largest daily movement since the Central Bank allowed it to decline 14.5% on October 27.
It was trading before that at 24.70 pounds to the dollar.
Banque Misr announced in a statement earlier today, Wednesday, the issuance of a savings certificate with a return of 25% annually, in a move that often indicates the central bank’s intention to devalue the currency, according to Archyde.com.
While a state of confusion dominates the parallel exchange market transactions in Egypt, especially in light of the dollar supply for sale, The dollar recorded new highs against the Egyptian pound In the official market during the past hours of trading.
The exchange rate of the dollar witnessed a significant movement against the Egyptian pound during the last period, as its price increased by nearly 60% in buying and selling in Egyptian banks since last March until today’s trading, Wednesday.
read more: How did dollar speculation turn into sharp losses in Egypt?
The recent moves of the Central Bank of Egypt, especially after the Executive Board of the International Monetary Fund announced its approval of the financing package for Egypt, calmed the pace of speculation in the black market and caused the dollar exchange rate to rise to the level of 38 pounds.
However, at the present time, the dollar is being traded on the black market at levels ranging from 28 to 31 pounds, amid a state of confusion, as a large number of traders stopped, closed their workplaces, and relied on intermediaries without dealing with the public directly.
In the official market, the exchange rates of the dollar against the Egyptian pound increased by two piasters during recent dealings.
And in the two largest banks in terms of assets and transactions, the dollar exchange rate at the National Bank of Egypt and Banque Misr recorded a level of 25.03 pounds for purchase, and 25.08 for sale in morning trading.
In the Suez Canal Bank, the price of the dollar recorded 25.5 pounds for purchase, and 25.6 pounds for sale.
As for private banks, the exchange rate of the dollar in the Commercial International Bank – Egypt recorded a level of 25 pounds for purchase, and 25.1 pounds for sale. As for the Egyptian Gulf Bank, it recorded 25.05 pounds for purchase, and 25.1 pounds for sale.
And at the Central Bank of Egypt, the exchange rate of the dollar against the Egyptian pound rose to the level of 24.68 pounds for purchase, and 24.76 pounds for sale, according to data yesterday, Tuesday.
In terms of major currencies, the Euro recorded mixed trading in recent times.
read more: The Egyptian pound is facing the third flotation in 2022.. An expert explains the expected price!
And at the National Bank of Egypt and Banque Misr, the exchange rate of the European currency rose at 26 pounds for purchase, and 26.41 pounds for sale.
The exchange rate of the euro, at the Commercial International Bank – Egypt, recorded a level of 26.04 pounds for purchase, and 26.49 pounds for sale.
In the Egyptian Central Bank, average prices of the euro against the Egyptian pound recorded a level of 26.36 pounds for purchase, and 26.45 pounds for sale.
The exchange rate of the pound sterling at the National Bank of Egypt and Banque Misr recorded a level of 29.37 pounds for purchase, and 29.88 pounds for sale, while the Central Bank of Egypt reached a level of 29.75 pounds for purchase, and 29.84 pounds for sale.
In the Arab world, the exchange rate of the Saudi riyal at the National Bank of Egypt and Banque Misr recorded a level of 6.56 pounds for purchase, and 6.57 pounds for sale.
The exchange rate of the UAE dirham settled at 6.72 pounds for purchase, and 6.73 pounds for sale.
The exchange rate of the Kuwaiti dinar has also stabilized at 77.87 pounds for purchase, and 80.89 pounds for sale.