2024-03-22 14:00:00
Written by Hani Al-Houti Friday, March 22, 2024 04:00 PM
decreased Dollar exchange rate In front of the Egyptian pound, worth 2.74 pounds, to buy bcentral bank Within two weeks, it fell from the level of 49.34 pounds to buy, 49.44 pounds to sell on March 7 to 46.6 pounds to buy, 46.74 pounds to sell, at the Central Bank at the end of the current week’s transactions.
This comes two weeks following the Central Bank of Egypt decided to implement a flexible exchange rate system, which resulted in an increase in the volume of remittances by Egyptians abroad, and those holding the dollar gave it up through official channels due to the lack of difference between the official rate and its price in the parallel market, and indirect foreign investment flows also began. To return once more, whether in government debt instruments or in the money market.
The Central Bank obtained dollar flows from the first batch of the deal to develop the Ras Al-Hikma area, which amounted to $10 billion, in addition to a waiver of $5 billion in UAE deposits. The Central Bank is scheduled to receive another $16 billion within less than two months, in addition to the waiver. 6 billion dollars from UAE deposits, in addition to that, the Central Bank will receive the first tranches of the International Monetary Fund loan, the value of which increased from 3 to 8 billion dollars.
It is also expected that the Central Bank will obtain more than one billion dollars from the Environmental Sustainability Fund of the International Monetary Fund, and the World Bank Group has also agreed to provide $6 billion in financing over the next three years, with $3 billion to support the economic reform program implemented by the government, and $3 billion to support the economic reform program implemented by the government. Billions of dollars to empower the private sector, and a package from the European Union, worth 7.4 billion euros ($8.06 billion) over four years.
The government is focusing on using foreign exchange flows to release the goods accumulated in the ports, the most important of which are basic commodities, raw materials and production requirements, and to pay the dues of foreign partners to encourage them to expand production from oil fields, in addition to paying international obligations.
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