2023-05-30 09:52:00
12:52 PM
Tuesday, May 30, 2023
I wrote – Manal Al-Masry:
The price of the dollar rose once morest the pound on the black market (the unofficial parallel market for currency trade) between 40 and 40.5 pounds per dollar, starting this week, according to two sources in exchange companies who monitor the market, with whom Masrawy spoke.
The dollar’s rise to more than 40 pounds on the black market came following it declined during last week’s trading between 4 to 6 pounds, to range from 34 to 36 pounds at the time, following the government’s decision to allow gold imports to enter with those coming from abroad without customs.
One of the sources told Masrawy that the return of the dollar’s price to rise once more is due to the lack of available supply of currency in the parallel market itself, and the inability of banks and money changers to provide foreign exchange for customers adequately and quickly.
The average price of the dollar in banks recorded between 30.84 pounds for purchase and 30.94 pounds for sale during yesterday’s trading, according to Central Bank data.
Another source in an exchange company told Masrawy that the decline in the price of the dollar on the black market and then its return to rise once more are unknown, as it moves randomly.
Banks and money changers have been facing a shortage of foreign exchange since the first quarter of last year 2022, following the Russian-Ukrainian war caused indirect foreign investments of regarding $22 billion from Egypt, which were funded by banks and the Central Bank.
This crisis generated other consequences, including the return of waiting lists for import financing in banks, and the slow exit of goods from the ports due to the continued shortage of foreign currency.
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