Despite traders’ expectations that the dollar would rise against the Egyptian pound during the first official trading after the Eid al-Adha holiday, the exchange market witnessed remarkable stability at the beginning of today’s trading.
While the highest dollar exchange rate was recorded in the Egyptian Gulf Bank at the level of 18.87 pounds for sale, and 18.91 pounds for purchase, the American paper continued its decline on the social networking pages dealing with Exchange prices To reach lower prices in the official market, where the dollar is offered for 18.80 pounds.
In the Abu Dhabi Islamic Bank and the National Bank of Kuwait, the US green paper recorded a level of 18.86 pounds for purchase, and 18.91 pounds for sale. In the largest government banks, “The National Bank of Egypt and Banque Misr”, the dollar exchange rate recorded a level of 18.83 pounds for sale, and 18.91 pounds for sale.
The US note recorded a level of 18.82 pounds for purchase, and 18.93 pounds for sale at the Central Bank of Egypt. The lowest dollar exchange rate on the official market was in 11 banks, led by Al Baraka Bank and Mashreq Bank, at 18.81 pounds for purchase, and 18.91 pounds for sale.
At the level of major currencies, the price of the euro at the Central Bank of Egypt recorded about 19.18 pounds for purchase, and 19.26 pounds for sale. It also remained with the National Bank of Egypt and Banque Misr at the level of 18.74 pounds for purchase, and 19 pounds for sale.
The exchange rate of the pound sterling at the Central Bank of Egypt stabilized at 22.55 pounds for purchase, and 22.65 pounds for sale. While its price at the National Bank of Egypt and Banque Misr remained at about 22.14 pounds for purchase, and 22.46 pounds for sale.
In the Arab world, the exchange rate of the Saudi riyal at the Central Bank of Egypt stabilized at the level of 5.01 pounds for purchase, and 5.03 pounds for sale. Its price at the National Bank of Egypt and Banque Misr remained at the level of 5.01 pounds for purchase, and 5.03 pounds for sale.
The exchange rate of the UAE dirham also stabilized today in the Central Bank of Egypt, at the level of 5.12 pounds for purchase, and 5.14 pounds for sale. The Kuwaiti dinar exchange rate remained at 61.16 pounds for purchase, and 61.57 pounds for sale.
Official data issued by the Central Bank of Egypt indicate that the foreign exchange reserves of the Central Bank of Egypt fell to 33.4 billion dollars at the end of June, from 35.5 billion dollars at the end of May.
Foreign reserves declined from about $41 billion during the past four months, as the Central Bank worked to cover the portfolio’s outflows, imports, and debt repayment. The war in Ukraine led to a rise in the import bill of wheat and oil in Egypt, while the uncertainty raised by the war and high interest rates among investors caused the exit of about 20 billion dollars of foreign portfolio investments from the country.