Banking expert Abdel-Al expected that the movement of the dollar’s exchange rate against the pound would not be affected during the current year amidst the stability of internal conditions and Egypt’s non-entry into the ongoing conflict.
He stressed that foreign investors, whether investors in local debt instruments, local treasury bills, or direct investments, feel that Egypt is in a safe haven amid the presence of support from the Gulf countries and its absence as a party to the ongoing conflict in the region.
Ibrahim Al-Nimr, head of the technical analysis department at Naeem Securities Brokerage Company, agreed with the previous opinion, that the tense conditions in the region will not affect the stability of the dollar exchange rate in order to stabilize the situation in Egypt.
He explained that the foreign investor’s view of treasury bills, which is considered one of the foreign exchange sources, is positive regarding the current situation in Egypt and is not concerned about the expansion of the conflict into Egypt, which would enhance their income in the Egyptian market.
The dollar rose by about 60% against the pound after the decision to liberalize the exchange rate last March, jumping from 30.94 pounds to about 50 pounds before fluctuating between 47 and 49 pounds in banks according to supply and demand.
The price of the dollar fell during the last two working days in banks, last Wednesday and Thursday, by about 40 piasters, before compensating a small part of its losses by about 10 piasters by the end of today’s trading, recording 48.44 pounds in the National Bank.
The Israeli conflict entered a new direction in the region after the Israeli army launched strikes on the cities of southern Lebanon, targeting Hezbollah military bases, and the official announcement of the assassination of the Secretary-General of the Lebanese Hezbollah, Hassan Nasrallah, through a large-scale air strike on the party’s main central headquarters in the southern suburbs, which… It raises fears of the intensity of the conflict.
Source: Masrawy
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2024-09-30 14:30:31
