With the backing of rising dollar prices and the collapse of the pound following the central bank’s unusual moves, gold prices in Egypt increased during the weeks of exchange rate liberalisation, pushing the price of a gramme to roughly 92 pounds.
On the other hand, gold prices witnessed at the beginning of the week a state of stability in the prices, to climb suddenly after the decision of the Central Bank of Egypt, to move the interest rate of gold in Egypt, 60 pounds per gram.
The central bank’s records show that during trading on Thursday, the dollar’s value relative to the pound increased by 16.
2% in an extraordinary meeting on Thursday, the central bank announced a hike in interest rates of 3%, compared to the outcome of yesterday’s transactions.
The central bank announced yesterday, Thursday, an increase in interest rates on deposits and loans of about 200 basis points. It also emphasised that it would continue to follow a free exchange rate policy, which bases the value of the pound relative to other currencies on the forces of supply and demand.
The value of the pound against the dollar fell by 16% during yesterday’s trading, to close in the central bank from 22. 99 pounds, while in the private sector banks exceeded 23 pounds.
The Central Bank emphasised that it does not set precise exchange rate goals but instead works to keep prices stable.
Gold prices fluctuate between stability and an abrupt spike… and the fairy’s decline to its lowest points.
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