While the exchange market in Egypt is witnessing a state of stability and cautious calm, the parallel market (the black market) is witnessing a state of confusion and severe shock with the increase in the supply of the dollar by large percentages during the past few hours.
This comes at a time when you are watching the market, New decisions issued by the Central Bank, and the procedures announced by local banks. In the context of maintaining the level of liquidity in foreign currencies, some banks decided to limit customers’ withdrawals in dollars. Other banks have resorted to offering dollar certificates with an annual return of 5.3%.
During the past hours, the pages of social networking sites specialized in following up the movement of the dollar and the exchange market in Egypt, have seen many publications that include large offers of the dollar for sale. On the other hand, purchase orders decreased significantly.
On the official market, the dollar exchange rate settled between EGP 19.66 as the highest purchase price, compared to EGP 19.59 as the lowest price. While the selling price settled at 19.71 pounds as the highest price, and 19.67 pounds as the lowest price.
In 5 banks led by the National Bank of Kuwait and Abu Dhabi Islamic Bank, the US green paper settled at the level of 19.66 pounds for purchase, compared to 19.69 pounds for sale.
The Commercial International Bank and the United Bank led 7 banks, where the dollar exchange rate on their screens reached 19.63 pounds for purchase, and 19.69 pounds for sale.
In 5 banks led by the National Bank of Egypt and Banque Misr, the dollar exchange rate recorded a level of 19.61 pounds for purchase, and 19.67 pounds for sale. Meanwhile, the dollar exchange rate at the Central Bank of Egypt stabilized at 19.60 pounds for purchase, and 19.71 pounds for sale.
The lowest dollar exchange rate in 9 banks, led by the Arab International Banking Company “Cype” and the Mashreq Bank, at 19.59 pounds for purchase, compared to 19.69 pounds for sale.
With regard to restricting the withdrawal ceiling, Commercial International Banks – Egypt, HSBC – Egypt, Banque Misr and First Abu Dhabi Bank – Egypt, announced those limits in a move that informed sources said, aimed at maintaining liquidity in foreign currency.
The banks’ moves are aimed at relieving pressure on banks’ foreign assets. The banks are likely to move to ease the pressure on their net foreign assets, which have come under pressure in recent months.
These measures also aim to tighten the screws on the parallel market. Some (companies and individuals alike) are reported to collect dollars — or use credit cards to purchase small amounts of vital supplies they cannot import or find in stores.