The dollar exchange rate witnessed new rises against the Egyptian pound, which ended the week’s trading sharply lower, to break new records for the first time, above 19.6 pounds for sale at the Central Bank.
While flexible or orbital flotation takes place For the Egyptian poundExpectations indicate that the Egyptian currency will continue to decline against the US green paper until the end of the ongoing negotiations with the International Monetary Fund regarding Egypt’s obtaining new financing.
The highest dollar exchange rate came in 3 banks led by Al-Ahly of Kuwait and the Egyptian Gulf at 19.56 pounds for purchase, and 19.59 pounds for sale. In the Bank of Alexandria, the exchange rate of the American note recorded a level of 19.56 pounds for purchase, and 19.59 pounds for sale.
In 5 banks led by the Commercial International Bank in Egypt and Cairo, the dollar exchange rate recorded a level of 19.53 pounds for purchase, and 19.59 pounds for sale. While the level reached 19.51 pounds for purchase, and 19.57 pounds for sale in the National Bank of Egypt and Banque Misr.
At the Central Bank of Egypt, the dollar recorded a level of 19.50 pounds for purchase, and 19.61 pounds for sale.
The Central Bank, since Hassan Abdullah assumed the position of governor, allowed the pound to decline against the dollar, and it fell by about 2% on August 18 when Abdullah took office to replace Tariq Amer, who suddenly announced his resignation.
Analysts’ expectations indicate that the Egyptian currency will continue to decline until the government ends the ongoing negotiations with the International Monetary Fund. In previous statements to Al-Arabiya.net, the economic expert, Dr. Hani Genena, said that the Egyptian pound will continue to decline against the dollar, as long as the negotiations with the International Monetary Fund are not announced, and Egypt does not receive the expected funding.
On the level of major currencies, the European currency varied against the Egyptian pound, after it rose remarkably between 20 to 35 piasters, buying and selling, in Egyptian banks. At the National Bank of Egypt, the euro recorded a level of 18.79 pounds for purchase, and 19.07 pounds for sale.
In private banks, the European currency at Commercial International Bank Egypt recorded a level of 18.81 pounds for purchase, and 19.08 pounds for sale. While the Central Bank of Egypt recorded a level of 18.67 pounds for purchase, and 18.75 pounds for sale.
The pound sterling also witnessed an increase of between 20 to 40 piasters for buying and selling in Egyptian banks. The exchange rate of the pound sterling at the National Bank of Egypt and Banque Misr reached 20.99 pounds for purchase, and 21.32 pounds for sale. While the Central Bank of Egypt recorded a level of 20.77 pounds for purchase, and 20.85 pounds for sale.
In the Arab world, the exchange rate of the Saudi riyal against the Egyptian pound recorded 5.17 pounds for purchase, and 5.20 pounds for sale at the National Bank of Egypt and Banque Misr. While the exchange rate of the UAE dirham reached about 5.30 pounds for purchase, and 5.32 pounds for sale.