Following price spikes in Naya last week following the central bank’s decision to raise interest rates on the pound and liberalise the exchange rate to subject the value of foreign currencies to the forces of supply and demand, the prices of the dollar were settled against the Egyptian pound today, Saturday, 10/29/2022.
In the Central Bank, the price of the dollar today was recorded as 22. 85 pounds for purchase and 22. 99 pounds for sale, and it stabilised at 22.
The dollar staple reached 22. 9 pounds for purchase and 23 pounds for sale in the International Commercial Bank, while it was available for 99 pounds for buy and 23 pounds for sale in the National Bank of Egypt.
Mohamed Al -Atribi, head of the Egyptian Banks Union, said that the dollar price increases after the first day of the central bank’s decision to liberalize the exchange rate was expected, given that there is a high demand for it to delay the release of goods imported from abroad.
Al-Atribi stated that the fair price of the dollar is between 21 and 22 pounds, but that an increase from those levels was anticipated due to the high demand for it to release the stacked goods in the ports. He continued, “Al-Atribi,” during statements to the story programme broadcast on MBC Egypt with the media Amr Adib, that the market returns to control itself again, anticipating a sharp decrease in its value from fair values.
“Al-Itrabi” emphasised that following the decision to liberalise the exchange rate, a significant portion of customers gave up their possession of foreign currencies and linked them with certificates in the Egyptian pound, noting that the substantial certificates of the return are 17. 25% that the Egyptian and Al-Ahly banks offered reached more than 1 billion pounds.
Al-Ertbi continued, “The parallel market emerged at the scarcity of the dollar and the high demand for it, noting that the banks began to meet the demand for it will end gradually, explaining that Banque Misr conducted import operations for more than 400 customers in response to recent central bank decisions.
The dollar rates as of today, Saturday, October 29, 2022, following exchange rate liberalisation
About Author
