Egypt – Deputy Governor of the Central Bank of Egypt, Rami Abu Al-Naga, revealed that the black market for foreign exchange has been completely erased, and that Egypt is committed to adopting a flexible exchange rate system that leads to the availability of hard currency.
The Deputy Governor of the Central Bank of Egypt continued, in press statements, that the banking market is the one that will determine the exchange rate, adding: Our goal is to ensure the availability of the dollar, and this will only be achieved through a flexible exchange rate.
The Egyptian government is seeking to activate several alternatives to continue improving the economic conditions in the country, after it secured huge dollar inflows from the International Monetary Fund, the Ras El Hekma project, and the European Union.
Egyptian Finance Minister Mohamed Maait said, in statements on the sidelines of the spring meetings of the International Monetary Fund and the World Bank, that Egypt expects to receive inflows of between 25 and 30 billion dollars, until next June.
The exchange rates of foreign and Arab currencies, including the dollar, fell against the Egyptian pound yesterday, Thursday, in official banks, with the continued disappearance of the black market.
The transactions witnessed a decline in the dollar exchange rate between 25 and 30 piasters for buying and selling in Egyptian banks. In the two largest banks in terms of assets and transactions, the dollar exchange rate at the National Bank of Egypt stabilized at the level of 48.45 pounds for purchase, and 48.55 pounds for sale, and at the Bank of Egypt, the dollar exchange rate recorded about 48.45 pounds for purchase, and 48.55 pounds for sale.
Source: Cairo 24
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2024-04-20 09:50:33