In order to get closer to the levels of 20 pounds, for which the fair value is anticipated to be the lowest of those levels, a number of Egyptian banks today, Monday, increased the exchange rates of the dollar against the pound by 8 piasters. This is the largest daily decline in the value of the pound against the dollar since the new Central Bank Governor, Hassan Abdullah, assumed the presidency of the Central Bank.
As opposed to 19. 51 pounds for buy and 19. 57 pounds for sale yesterday, the National Bank of Egypt dropped the exchange rate of the pound in today’s trade to levels of 19. 59 pounds for purchase and 19. 65 pounds for sale.
The exchange rate of the dollar to the pound grew as well, reaching 19. 59 pounds for buy and 19. 67 pounds for sale in the Arab African Bank and 19. 57 pounds for purchase and 19. 67 pounds for sale in the Suez Canal Bank.
The price of the dollar grew to 19. 61 pounds for buy and 19. 67 pounds for sale at The United Bank, while the value of the pound declined to 19. 62 pounds for purchase and 19. 67 pounds for sale in The Bank of Alexandria.
As a result, the dollar has achieved its highest levels ever in banks, surpassing its previous record high of 19 set in December 2016.
56 pounds, despite the Central Bank’s continued practise of steadily depreciating foreign currencies and its assurances that the import problem will be resolved in two months.
A must.. During the “Hassan Abdullah” era, “the pound” saw the biggest daily fall against the “dollar.”
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