As daily transactions in the money market began on the first working day in Egyptian banks after the weekend (Friday and Saturday), when banks are closed except for some in airports and crucial areas, the value of the dollar increased today, Sunday, October 2, 2022, in all banks and various exchange companies. According to information released by the Central Bank of Egypt regarding foreign currency rates in government and commercial banks, the price of the dollar today was three piastres higher than the price of the previous day, Saturday.
While the Egyptian government is attempting to stabilise the price of the dollar, trading screens in Egyptian banks on Sunday showed an increase in the price of the dollar relative to the Egyptian pound in the money market and an increase in withdrawal rates for the dollar. Imported goods are correlated with the exchange rate in Egypt.
Today, Sunday, February 10, 2022, the price of the dollar increased in Egyptian banks as the Central Bank of Egypt attempted to fill the money market with the necessary amount of dollars.
As opposed to 19. 48 Egyptian pounds for buy and 19. 54 Egyptian pounds for sale on Saturday, the price of the dollar increased today at government banks to a level of 19. 51 Egyptian pounds for purchase and 19. 57 Egyptian pounds for sale.
And on Sunday, the price of the dollar jumped at the Central Bank of Egypt to the level of 19. 51 Egyptian pounds for buy and 19. 57 Egyptian pounds for sale, up from 19. 48 Egyptian pounds for purchase and 19. 45 Egyptian pounds for sale on Saturday.
And today, Sunday, October 2, 2022, the following was the exchange rate for the dollar at all Egyptian banks:
The National Bank of Egypt’s exchange rate for the dollar increased today to 19. 51 Egyptian pounds for purchases and 19.
For sale is 57 pounds.
Today in Banque Misr, the cost of a dollar increased to a record level: 19. 51 pounds for purchases and 19. 57 pounds for sales.
In the Banque du Caire, a dollar now costs 19. 51 pounds for purchase and 19. 57 pounds for selling.
At the Bank of Alexandria, the current exchange rate for one dollar is 19.54 pounds for purchase and 19.59 pounds for sale.
Today, the Commercial International Bank increased the price of the dollar to 19. 53 pounds for purchase and 19. 59 pounds for selling.
The current exchange rate for the dollar in the Abu Dhabi Islamic Bank is 19.56 and 19.59 pounds.
A dollar now costs 19.49 pounds to buy and 19.59 pounds to sell in the Suez Canal Bank.
The Egyptian government forbids the circulation of various currencies outside of banks and exchange companies, in what is referred to as the black market or the parallel market, and it imposes severe penalties on this matter. Nevertheless, some people are involved in the trade of various currencies outside of the official banking market.
The price of the dollar fluctuates between 2 and 5% on the black market in Egypt today, depending on supply and demand, which is less than the movement of trading in banks.
As of this morning, Sunday, October 2, 2022, all banks in Egypt are charging more for dollars.
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