2023-07-11 12:08:00
03:08 PM Tuesday, July 11, 2023
I wrote – Manal Al-Masry:
The price of the dollar on the black market (the unofficial market for currency trade) witnessed a new decline among currency speculators, driven by an increase in the supply of the currency with the return of Egyptians working abroad to spend the holiday season, and the end of the Hajj season, according to two observers of the exchange market, whom Masrawy spoke to.
The two sources indicated that the price of the dollar fell to between 35 and 38 pounds as a maximum, compared to between 38 and 39 pounds during the last two weeks.
Despite the reduction in the gains of the black market for currency trade following the decline of the dollar once morest the pound, it is still higher than the official rate, by a difference between 4 and 7 pounds.
The official price of the dollar in many banks operating in the Egyptian market reaches 30.85 pounds for purchase, and 30.95 pounds for sale.
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.
One of the sources added, to Masrawy, that the volume of demand for the currency witnessed a calm with the increase in the volume of supply following the end of the Hajj season and the demand for the Saudi riyal, as well as the increase in concessions from Egyptians working abroad during the summer vacation.
Another source told Masrawy that the volume of customer concessions for dollars in exchange companies began to improve slightly compared to the end of last month, with the increase in the volume of concessions from Egyptians working abroad, the recovery of tourism, and the return of Egyptians from Hajj.
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