Despite the series of crises that surrounded the Egyptian pound once morest the dollar during 2022, the exchange market is witnessing a state of stability and complete calm in the first trading of the new year 2023.
Perhaps the most important thing in the story of the dollar and the Egyptian pound is the disappearance of the intensity and pace of speculation in the black market, following the recent wave of decline that began since the International Monetary Fund’s Executive Board announced its approval of the financing package for Egypt.
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But the most important and thorny file included many stations during 2022, whether with regard to the scarcity of hard currency or the difficulties faced by importers in providing the dollar, in addition to the Central Bank of Egypt lowering the exchange rate of the Egyptian currency twice, the first was in March, and the second at the end of the year. last two october.
Expectations indicate that there is an imminent breakthrough in the crisis, and indeed, the Central Bank of Egypt has begun granting approvals for the release of commodities stacked in Egyptian ports. According to the official spokesman for the Egyptian Council of Ministers, goods worth more than $6 billion have been released, and the Prime Minister has pledged that the crisis will disappear completely during the coming period.
The breakthrough in the file of goods that were stacked in Egyptian ports, negatively affected the parallel market, as the supply of dollars for sale increased, which caused a decline in its prices to be traded at the beginning of the new year between the level of 28 and 30 pounds, compared to regarding 38 pounds at the beginning of the last week of the year. last year.
In the official exchange market, the highest dollar exchange rate in Al-Masry Al-Khaleeji and Abu Dhabi Islamic Bank banks reached 24.74 pounds for purchase, compared to 24.77 pounds for sale. In 8 banks, led by Mashreq, Development and Housing Bank, the dollar exchange rate reached 24.72 pounds for purchase, compared to 24.77 pounds for sale.
At the Central Bank of Egypt, the exchange rate of the dollar stabilized at 24.70 pounds for purchase, and 24.79 pounds for sale. In the largest banks affiliated with the Egyptian government, the exchange rate of the dollar at the National Bank of Egypt and Banque Misr recorded a level of 24.66 pounds for purchase, compared to regarding 24.71 pounds for sale.
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With regard to the exchange rate of the dollar once morest the Egyptian pound, the American paper was equivalent to regarding 15.77 pounds at the beginning of last year, but by the end of the year and with the movements of the Central Bank of Egypt, the dollar exchange rate rose to the level of 24.79 pounds, which means that the Egyptian pound lost more than 9 pounds of its value once morest the dollar, with a decline of more than 57%.
The beginning of the direct intervention of the Central Bank of Egypt in the exchange market was during the extraordinary meeting held on March 21, when it decided to move the dollar exchange rate to the level of 18.28 pounds. Since that time, the price of the dollar has taken an upward path, rising to levels of 19.7673 pounds per dollar during the last week of last October.
The second intervention of the Central Bank of Egypt was in the exchange market, when it decided on October 27, 2022 to raise the exchange rate of the dollar to the level of 23 pounds, and the dollar continued its rise, to record at the present time the level of 24.79 pounds, with the Central Bank.
