Foreign currency rates stabilized at the beginning of trading today, Tuesday, to record the price of the dollar 24. 20 pounds for sale, compared to about 24. 15 pounds for purchase in a number of banks.
The official price of the American currency was recorded at a level of 24 pounds for purchase and 24.13 pounds for sale, and was agreed upon with the National Bank of Egypt and the Bank of Egypt at a level of 23.80 pounds for purchase compared to 23.90 pounds for sale.
The euro exchange rate was recorded against the Egyptian pound at a level of 23. 71 for purchases and 23. 91 pounds for sales for the major currencies. While the value of the pound reached 27. 63 pounds for sales, it was 27. 87 pounds for purchases.
The “Central Egypt” stressed that the value of the pound relative to other currencies will be reflected in the exchange rate by the forces of supply and demand, within the context of a flexible exchange system, while prioritising Al-main Sakazi’s objective, which is to achieve price stability. He emphasised that reform steps had been taken in light of the aforementioned in order to guarantee macroeconomic stability and the achievement of sustained and all-encompassing economic growth.
For Arab currencies, the Saudi riyal exchange rate against the Egyptian pound recorded a level of 6. 36 pounds for purchase, 6. 38 pounds for sale and the Kuwaiti dinar exchange rate recorded 74. 53 pounds for purchase, and 77. 56 pounds for sale. The UAE dirham’s exchange rate rose to 6.51 pounds for purchases and 6.53 pounds for sales, respectively.
The question of the dollar’s fair worth relative to the Egyptian currency has come up again despite the dollar’s continuous highs against that country’s currency.
A few days ago, the Fitch Solichins Economic Research, affiliated with the “Fitch” credit rating agency, suggested a gradual decrease in the price of the local currency in Egypt, especially since the delay in reaching an agreement with the International Monetary Fund on possible financing led to the weakening of the currency faster the expected.
Additionally, the agency predicted that between 2023 and 2021, official dollar costs will be comparable to black market rates.
5 pounds, assuming that the American currency reaches a maximum value of 22 pounds in 2023 before direct foreign investment flow ends.
Last Thursday, the Central Bank of Egypt said that it will adopt a flexible exchange rate system while giving priority to the main objective of attaining price stability. This followed the decision to hike interest rates and lower the value of the Egyptian Pound versus the US Dollar.
He clarified that the factors of supply and demand will determine how much the Egyptian pound will cost in relation to other foreign currencies.
He pointed out that it will work to build and develop the financial derivatives market in order to deepen the foreign exchange market and raise the levels of foreign liquidity..
Exchange rates for Tuesday, November 1, 2022
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