To a decline in a new record for the Egyptian currency against the American currency last Tuesday, as the Egyptian pound fell for the first time to fall to the lowest new official level ever, to settle at that level for the rest of the week, the dollar prices stabilised against the pound at the start of the trading week.
Tuesday saw a two-piastre increase in the dollar exchange rate, bringing the total recorded by the Central Bank of Egypt to 19.
To trade the Egyptian pound against the dollar at the lowest official historical price ever after exceeding 19.56 pounds per dollar, which was registered on December 20, 2016, following the liberalisation of exchange rates in November 2016, there were 73 levels, while private banks recorded 19. 71 pounds for the dollar.
The price of the dollar in the National Bank and the Bank of Egypt recorded a rise of two piasters to record levels of 19. 69 pounds for sale, while the purchase price recorded 19.
63 pounds to the dollar, and in private banks, the pound was reported at 19. 71 and 19. 68 pounds to the dollar, respectively, for sale and purchase.
The Egyptian Central announced today, Tuesday, the acceptance of a new bid for open deposits, which is the eighth consecutive, as the tender revealed that 24 banks applied for linking deposits of more than 449,550 billion pounds, while the Central agreed to only 100 billion with a return of up to 11. 75%.
According to the Central Bank, the annual rate of basic inflation jumped to 18% in September from 16.7% in August of last year.
According to the Central Agency for Public Mobilization and Statistics, the annual rate of inflation in Egyptian cities increased from 14.6% in August to 15% in September.
The value of Egypt’s external debt dropped to 155 in the fourth quarter of the fiscal year 2021/2022, according to a statement from the Central Bank.
708 billion dollars at the end of June 2022, a 1.3% decline from the third quarter.
The trade balance deficit in Egypt reduced to $2. 7 billion in July 2022 from $3. 8 billion in the same month of 2021, a fall of 28.7%, according to the Central Agency for Public Mobilization and Egyptian Statistics.
The net foreign reserves increased to 33, according to the Egyptian Central.
End-of-September 2022: 197 million US dollars, an increase of $ 56 million.
The net foreign direct investment flows into Egypt grew during the most recent fiscal year 2021–2022, growing at a rate of 71.4% over fiscal year 2020–2021 to reach $9 billion, which is the greatest level in ten years, according to the Egyptian Cabinet.
In order to relieve pressure on foreign exchange reserves, the public banks active in the Egyptian market implemented limits on withdrawals of foreign currency using debit or credit cards outside of Egypt.
The Central Bank of Egypt has announced its intention to allow banks to start trading in non -delivered futures and derivatives for transactions in the local currency..
Prices for the dollar are falling to new lows this week against the pound.
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