For the second day in a row, the price of the dollar against the Egyptian pound is witnessing a state of stability, in light of a state of anticipation in a market suffering from a scarcity of hard currency.
The state of calm in the markets during the last two days comes after a series of leaps for the US currency against the Egyptian pound, in light of expectations that the dollar will rise again, in the official market for hard currency, or as the Egyptians describe it as the “white market.”
The price of the dollar in the central bank
The price of the dollar varied in the Central Bank of Egypt today, Friday, and the purchase price rose to 19.61 pounds.
While the selling price fell to 19.68 pounds, compared to 19.60 pounds for purchase, and 19.70 pounds for sale, yesterday, Thursday.
The price of the dollar in Egyptian banks
While the price of the dollar in the National Bank of Egypt (the largest government bank) stabilized at 19.61 pounds for purchase, and 19.67 pounds for sale, which are the same prices as yesterday.
The matter was no different in the Commercial International Bank (the largest private bank in Egypt), and today, Friday, prices were stable at about 19.63 pounds for purchase, and 19.69 pounds for sale, which are the same prices as yesterday, Thursday.
Is there a dollar crisis in Egypt?
Egypt is suffering from a crisis in the decline of the hard currency, with the decline in foreign exchange reserves, in light of the decline in tourism revenues, and many other sectors.
Hard currency and dollar resources
In an attempt to save hard currency, Egypt decided to take many measures, most notably the rationalization of energy consumption in government buildings, streets, and squares for the purpose of exporting gas, and benefiting from revenues in hard currency.
The value of the expected surplus of gas resulting from rationalization of consumption is about 15%.
This comes at a time when Egypt achieved self-sufficiency in natural gas in 2018, after production rates of natural gas reached 7 billion cubic feet per day, according to Archyde.com, as Egypt’s gas exports reached from October 2021 to March March 2022, about $5.6 billion.
In addition, the Egyptian administration is seeking to support its financial situation through a loan from the International Monetary Fund, amid demands from the International Corporation for economic measures related to the exchange rate and support.
IMF loans and market control
In 2016, Egypt obtained a $12 billion loan from the IMF, then another $5.4 billion loan in 2020, before getting $2.8 billion to face the repercussions of the Corona pandemic.
According to an official statement, the Egyptian economy recorded a growth of 6.6% in the following year 2021/2022, which is higher than the previous year, which recorded 3.3%, affected by the repercussions of the pandemic.
The Egyptian government is striving to control the markets, with the high inflation rate, which has recorded about 15%.
In light of the economic repercussions caused by the war between Russia and Ukraine, the Egyptian government implemented a package of measures to support citizens, and provided exceptional aid to about 9 million families for a period of 6 months, worth $52 million.