The price of the dollar.. Important warnings for dollar traders on the black market

2023-06-09 18:09:05

The recent period witnessed many confusions and movements in the The price of the dollar on the black market in Egyptwhich led to increased prevalence Expectations Many regarding the exponential increase in The price of the dollar on the black market during the coming periodBut what happened next was a great reason to break the barrier of all expectations, as it fell The price of the dollar on the black market significantly reduced, which confuses movement The black market for dollars And make the currency dealers incur huge losses, forcing them to stop working in Black market And that’s all thanks A new initiative rocks the black market for dollars. There have also been many warnings regarding dealers in the black market, and among these warnings is that anyone who deals in the buying and selling of foreign currencies outside the scope of official banks, exposes himself to legal accountability and pay a large financial fine, and the penalties may reach imprisonment for anyone found guilty of currency trading. Foreign outside the official range with a fine.

Also read: International Monetary Fund expectations for the dollar price during the coming period.

Despite all these warnings, the black exchange market for the dollar in Egypt reappeared in recent hours, and that happened following the warnings launched by the Swiss Credit Suisse Bank regarding the financing risks that Egypt might face in the future, but the opposite of expectations occurred and the price of the dollar fell on the black market during transactions This week, it ranged between 4 and 6 pounds, as the exchange rate of the dollar ranged between 34 and 36 pounds, following the price of the dollar on the black market rose to more than 40 pounds during the previous week, following The decision of the Central Bank to end the black market in Egypt After the government’s decision to allow gold imports to enter with those coming from abroad without any customs, except for the value-added tax, the Egyptian government tried to control prices on the black market, so it issued a Difficult decisions taken by the government to face the dollar crisis in Egypt.

Also read: An important warning to Egypt regarding the need to devalue the pound.

The black exchange market witnessed fluctuations and confusion as a result of reassuring government statements and decisions, in addition to international reports indicating the stability of the Egyptian pound in the near term, which led to a decrease in the price of the dollar on the black market to regarding 36 pounds per dollar.

The price of the dollar witnessed remarkable movements in the black market due to the growing expectations of a decline in the value of the pound in the near future, and with the recovery of the parallel market and the reinforcement of these expectations through reports and statements indicating the possibility of floating the pound, the dollar is currently witnessing a significant rise in the black market.

Also read: Expectations of a rise in the price of the dollar on this date.

Also read: Countries around the world are beginning to reduce the dominance of the dollar.

In this context, a report issued by Standard Chartered Bank indicated that Egypt needs to repay regarding $25 billion annually over the next four years, including $10.3 billion in payments to the International Monetary Fund and €6.2 billion as a surplus for euro-denominated bonds. This is a financing challenge that threatens to shake the confidence of investors and credit rating agencies.

The government’s new moves in the black market also caused some confusion, whether in the gold market or in the government offering program. Two deals were recently announced within the government offering program, which indicates an imminent improvement in the situation.

Also read: Prices for renting safes for citizens at the National Bank of Egypt

Also read: Libya will end the dollar crisis in Egypt.

The Egyptian government has also exempted gold imported with expatriates from fees and customs, with the exception of the value-added tax that is imposed on industry only, and this situation has contributed to the separation of prices between gold in the Egyptian market and the exchange rates of the dollar on the black market, and has also led to a decrease in gold prices. in the local market.

However, Standard Chartered Bank expects in its report that the value of the Egyptian pound will continue to decline once morest the dollar, until it reaches regarding 38.4 pounds to the dollar, and given the stability of the official exchange rate of the Egyptian pound at 30.9 pounds to the dollar since last March, this expectation has led to an increase The value of the dollar on the black market once more, and currently ranges between 38 and 39 pounds per dollar, following it fell to the level of 36 pounds during the last period, and with the devaluation of the pound, the burdens on Egyptian debts will increase. Debt will reach more than 100% of GDP by June 2023, compared to 91.6% in June 2022.

Also read: The Central Bank decides to stop using prepaid cards in dollars inside and outside Egypt.

Also read: News of billions of dollars coming to Egypt next month.

1686342007
#price #dollar. #Important #warnings #dollar #traders #black #market