Continue The exchange rate of the dollar increased once morest the Egyptian pound During the recent dealings, amid the control of a state of anticipation and caution.
While the actual implementation in the black market declined to a large extent, the highest dollar exchange rate in the parallel market reached regarding 30.5 pounds.
In the official market, the highest dollar exchange rate at the Arab African International Bank and Abu Dhabi Islamic Bank came at 30.18 pounds for purchase, and regarding 30.23 pounds for sale.
The exchange rate of the US green note at the Central Bank of Egypt also increased, to record regarding 30.15 pounds for purchase, and 30.23 pounds for sale.
And in 20 banks led by the Commercial International Bank of Egypt and the Arab Investment Bank, the dollar exchange rate recorded a level of 30.13 pounds for purchase, compared to regarding 30.23 pounds for sale.
And 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 30.03 pounds for purchase, and 30.13 pounds for sale.
The lowest dollar exchange rate at the National Bank of Greece came at 30 pounds for purchase, and 30.10 pounds for sale.
Yesterday, the Egyptian government-affiliated banks announced that they would stop issuing investment certificates with high returns at the level of 25%.
The Central Bank of Egypt is scheduled to hold a meeting of the Monetary Policy Committee to determine the fate of the interest rate, on Thursday, amid mixed expectations.
A recent poll, conducted by “Archyde.com”, suggested that the Central Bank of Egypt would raise overnight interest rates by 150 basis points during the next meeting of the Monetary Policy Committee.
The average expectation in the poll, which included 13 analysts, is that the bank will raise the interest rate on deposits to 17.75% and the lending rate to 18.75% during the periodic meeting of the Monetary Policy Committee.
Within the framework of expectations, Dr. Ashraf Ghorab, Vice President of the Arab Union for Social Development in the Arab Labor System of the League of Arab States for Economic Development, suggested that the Monetary Policy Committee of the Central Bank fix interest rates at its next meeting, especially with the possibility of the US Federal Reserve’s tendency to reduce the rate of raising The interest rate is regarding 0.25% at the latest, which indicates a decline in the global inflation rate and its impact on local inflation.
Ghorab explained that the Central Bank of Egypt may tend to fix the interest rate in order to allow the local market to absorb the interest rate hike that it approved at the end of December 2022 by regarding 300 basis points, in addition to issuing a savings certificate with a high return of 25%.
He pointed out that the stability of the exchange rate, in addition to the Central Bank’s announcement that foreign investments in the Egyptian market exceeded $925 million, especially following the decline of the Egyptian pound, will increase the attractiveness of foreign investors, with an increase in foreign reserves by $470 million during December, and an increase in customs releases for goods. , which confirms that the coming period will witness successive declines in prices and a slowdown in inflation rates, and therefore it is expected that the central bank will move towards fixing interest rates.
