2023-11-19 09:28:00
11:28 AM Sunday, November 19, 2023
Written by Manal Al-Masry:
The price of the dollar on the black market for currency trading, the “parallel market,” witnessed a new rise at the beginning of this week’s trading compared to its level at the end of last week on Thursday, according to what two observers Masrawy spoke to said.
The observers said that the price of the dollar on the black market rose to about 51 pounds during today’s trading, compared to about 50 pounds last Thursday due to increased demand and a shortage in supply.
The gap in the price of the dollar against the pound between the black market currency and the banks has increased to about 20 pounds, as its average price in the banking sector is trading at less than 31 pounds as of midday trading.
One of the observers told Masrawy that the increase in demand for the dollar due to travel or performing Umrah is one of the factors in the increase in the price of the dollar on the black market, in addition to the weak supply in banks and ATMs.
Banks are facing severe pressure from a shortage of foreign exchange after the exit of indirect investments worth $22 billion in the middle of last year due to the negative consequences of the Russian-Ukrainian war.
The price of the dollar against the pound rose by about 96% in banks during the last 20 months, with the pound falling in 3 waves, bringing the average selling price of the American currency from 15.76 pounds on March 20, 2022 to about 30.94 pounds in banks, which is the level that has been stable since last March. Until now.
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