2023-10-26 13:33:00
04:33 PM Thursday, October 26, 2023
Written by Manal Al-Masry:
The price of the dollar rose in the parallel market for currency trade known as the (black market) to 48 and 49 pounds during Thursday’s trading, according to what 3 observers Masrawy spoke to said.
The price of the dollar rose to 46 pounds during the beginning of trading yesterday, Wednesday, but it quickly exceeded 47 pounds at the end of the same day’s trading due to the increased demand for purchasing it, and the Central Bank’s restrictions on controls on the use of credit cards outside Egypt, according to what observers said.
The gap between the official price of the dollar in banks and the black market widened by regarding 17 and 18 pounds, with the average price of the dollar in the banking system approaching regarding 31 pounds until the end of today’s trading.
Today, the Central Bank resorted to canceling its previous decision issued last week regarding not opening the entire maximum limits for the use of credit cards – Credit Cards – outside Egypt except following the customer submits the relevant papers and documents before traveling.
The Central Bank decided to completely open the maximum limits for the use of credit cards outside Egypt without the need to submit documents and simply make a phone call to the bank’s hotline or visit the branch, provided that the customer is obligated to submit papers proving his departure from the country within 90 days to the bank or provide evidence of his presence abroad if he exceeds these limits. Duration to avoid being placed on the negative list in “iScore Company”.
The price of the dollar rose once morest the pound by regarding 96% over a year and a half, rising from 15.76 pounds in March 2022 to 30.94 pounds by the end of today’s trading, with the Central Bank returning to a free exchange rate policy following suspending it during the Corona years 2020 and 2021.
The Russian-Ukrainian war caused regarding $22 billion in indirect foreign investments to leave Egypt during the first half of last year, creating severe pressure on the management of the dollar and the emergence of the black market.
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