The increase in the price of the dollar following the central bank’s decision to liberalise exchange rates, according to Mohamed Al-Atribi, head of the Egyptian Banks Union, was anticipated given the strong demand for it to postpone the release of commodities 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.
President of the Banks Union urgently discloses the true value of the dollar
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