2023-06-11 11:43:04
There have been a lot of events that made the demand for the dollar disappear during the recent period and reduced dollar price In the black market where a state of growing unrest has spread over dollar price In the black market, following the increase in the supply of the dollar, to rebound with a loss on those who monopolized the currency, who bet on achieving great gains from dealing in the black market, as there were many expectations in the recent period confirming a significant rise in dollar price On the black market, and it may exceed the price of the dollar to reach 45 Egyptian pounds during the past few days, but an unexpected surprise occurred, following the Prime Minister’s statement regarding the true value of the dollar’s price once morest the pound, and following many successful popular initiatives emerged, where The decline in the price of the dollar The black market has experienced a major downturn and sudden declines have occurreddollar price on the black market.
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While many importers and traders have announced the launch of initiatives aimed at temporarily stopping the purchase of dollars from the black market in order to reduce the demand for dollars and thus the decline in the price of the dollar on the black market.
The head of the Car Dealers Association in Egypt, Counselor Osama Abul-Magd, also stated that an initiative was launched with the aim of temporarily stopping the import of cars to reduce the demand for the US dollar, and stressed that this step had a great resonance, which led to a decline in the price of the dollar on the black market.
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Other goods temporarily stop importing
In addition to the Automotive Association’s initiative to temporarily stop importing cars, many other commodities joined the initiative, as importers of other commodities such as mobile accessories, quarries, and marble contacted the association, stressing that everyone declared their support for the interest of the country.
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Duration of the Car Dealers Association initiative
The Association of Car Dealers announced that the duration of the initiative is one month, as the initiative began to temporarily boycott the import of cars, starting from the 15th of May 2023, until the 15th of next June 2023, as revealed by Counselor Osama Abu Al-Majd, the head of the association, and confirmed that the period has More than a month, according to the results at the end of the month of the initiative.
According to what was stated in the official report issued by the Central Bank of Egypt, it was stable during today’s transactions dollar price once morest the Egyptian pound, compared to yesterday’s transaction levels, as the selling price recorded 30.93 pounds, and the purchase price recorded 30.84 pounds. And in the official market, through the two largest banks in terms of transactions and assets, which are the National Bank of Egypt and Banque Misr, it settled dollar price Against the pound, since the beginning of the morning transactions in the two banks, at the level of 30.85 pounds for sale, and the purchase price recorded 30.75 pounds.
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A state of fluctuation controlling the black market transactions between the decline and the rise in the exchange rate of the dollar once morest the pound, as a member of the importers in the Chamber of Commerce, Ahmed Shiha, announced that the reason for the speculations taking place in the parallel market is the failure of the market to raise dollar price After the demand fell on him, he added, that’s what happens todollar price The black market has no economic basis or explanation. Rather, it is the result of speculation on the currency, which has been described as having turned into a trading process that lacks any mechanisms to control it.
In addition, these speculations belong to black market traders, who spread rumors regarding a rise The exchange rate of the dollar once morest the pound On their own, as a psychological process through which the dealers of that currency sense the fear of its high price or its absence from the market, so they resort to buying quantities of it to save it, which achieves huge gains for the parallel market traders in addition to the exporters, but these tricks failed because they became exposed to everyone.
A member of the Importers Division confirmed that there was a state of decline that dominated dollar price In the parallel market, due to the decline in the purchasing power of importers, and he explained, for example, that the Eid season was funded in order to purchase the sacrificial animals, in addition to the absence of exhibitions during the current time or contracts that call for the importers’ need for dollars.
He added, we need to get out as a country from the circle of the single currency, and open the door to dealings in other foreign currencies, according to the currency of the country from which the goods are imported, and stressed that this measure will lead to the elimination of crises of dollar shortage, and the manipulation of the black market in dollars.
Also read: Dollar price movements on the black market during the current period
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