The price of the euro today in Egypt, Friday, January 13, 2023…a significant decline

On Friday, January 13, 2023, the price of the euro declined slightly once morest the Egyptian pound, but the losses of the Egyptian currency are still significant, during transactions in bank branches and exchange companies in hotels and malls, and in the midst of an official weekly holiday.

Egypt has suffered a shortage of foreign currency since the war in Ukraine hit tourism revenues, raised the cost of importing goods and prompted foreign investors to withdraw more than $20 billion from the economy.

The exchange rate of the Egyptian pound has improved relatively once morest foreign currencies, bankers attributed it to hundreds of millions of dollars flowing through the interbank market in Egypt following the Central Bank allowed the Egyptian pound to decline 13% to its lowest level in its history.

The Egyptian pound fell to its lowest level at 32.20 per dollar on Wednesday from 27.60 at the beginning of trading, and then rebounded since then to trade below 30 pounds.

Bankers said there were indications of international institutions pumping money into Egypt ahead of the Egyptian treasury bills auction on Thursday. Such investors have been largely absent since March.

The price of the euro on the black market in Egypt today

Indicators of many local and international institutions show that the black market in Egypt has begun to decline, in light of the measures taken by the Central Bank of Egypt, and in light of foreign exchange inflows into the country.

The official Middle East News Agency quoted a banker as saying that dollar flows in the interbank market jumped to between $650 million and $750 million the day before yesterday, Wednesday, following trading in it amounted to regarding $150 million on average.

The agency said that more than $250 million flowed into the market from international institutions on Wednesday.

The Central Bank of Egypt and local banks dealt several severe blows to the black market for foreign currencies, starting with obligating gold exporters to supply the export proceeds to banks within 10 days instead of three months previously, in addition to issuing savings certificates by the two largest government banks with a return of 25% annually, which prompted some to convert dollars. to pounds.

Dr. Hani Genena, a banking expert and lecturer at the American University, said that the black market is on its way to disappearing with the arrival of the official price to what is being traded in the black market for foreign currencies, but the matter also depends on the extent to which the dollar is available in banks and the expansion of dealing with it, which completely eliminates the black market for the dollar. .

The price of the euro once morest the pound in the National Bank of Egypt

The exchange rate of the euro fell today during trading with the National Bank of Egypt (the largest government bank) to 31.65 pounds for purchase, and 32.02 pounds for sale, compared to 31.90 pounds for purchase, and 32.11 pounds for sale, yesterday.

The price of the euro today in Banque Misr

The euro in Egyptian pounds in Banque Misr amounted to regarding 31.65 pounds for purchase, 32.02 pounds for sale, compared to 31.90 pounds for purchase, and 32.11 pounds for sale.

The price of the euro at CIB Bank

The price of the euro today in the Commercial International Bank CIB (the largest private bank in Egypt) recorded regarding 31.69 pounds for purchase, and 31.89 pounds for sale, compared to 31.80 pounds for purchase, and 32 pounds for sale, yesterday.

To address the foreign exchange shortage, the Egyptian government has directed ministries to cut unnecessary spending until the end of the fiscal year at the end of June as it tries to cope with high inflation and persistent pressures on its currency.

The decision included postponing any new national projects that have not been started and “have a clear dollar component,” in addition to obligating government agencies to obtain the approval of the Ministry of Finance to “authorize spending with the foreign component on any of the aspects of spending.”

The rationalization controls include all travel abroad except for extreme necessity and with the approval of the Prime Minister. Activities categorized as non-essential needs include marketing and conferences as well as grants and staff training.

The move comes at a time when Egypt is still suffering from a shortage of foreign currency, despite allowing a sharp drop in the value of the pound in recent months.

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