Amid a state of cautious calm and anticipation in the exchange market, The dollar traded at record levels once morest the Egyptian pound.
The Egyptian currency suffers from several pressures that prompted the Central Bank of Egypt, on March 19, to hold an extraordinary meeting to announce the devaluation of the pound once morest the dollar, with the issuance of certificates with an annual return of 18%, in an attempt to absorb the liquidity that caused the continued rise in inflation rates.
Since the cuts last March, the Egyptian currency has lost nearly 24% of its value once morest the US dollar.
In early transactions this morning, the dollar exchange rate at the Central Bank of Egypt recorded a level of 19.49 pounds for purchase, and 19.61 pounds for sale.
In the National Bank of Egypt and Banque Misr, the exchange rate of the US green paper settled at 19.51 pounds for purchase, and 19.57 pounds for sale. While the dollar exchange rate at the Commercial International Bank in Egypt did not change, it settled at 19.53 pounds for purchase, and 19.59 pounds for sale.
According to experts, analysts and investment banks in the Egyptian market, it is expected that the dollar price will continue to rise during the next two months, until the end of the documentary credits crisis, in addition to the importance of reaching an agreement between the Egyptian government and the International Monetary Fund on new financing.
The available data indicate that the Fund stipulated the necessity of adopting a flexible exchange rate for the Egyptian currency once morest its American counterpart, which reinforces the expectations that the Central Bank of Egypt will adopt a gradual or managed flotation.
Egyptian President Abdel Fattah El-Sisi had discussed with the “interim” Central Bank Governor, Hassan Abdullah, the possibility of finding a solution to the current import crisis, and he hopes that this will be achieved within two months at most.
At the level of major global currencies, the exchange rate of the European currency once morest the Egyptian pound has stabilized. At the Central Bank of Egypt, it recorded a level of 18.93 pounds for purchase, and 19.01 pounds for sale.
In the National Bank of Egypt and Banque Misr, the euro exchange rate recorded regarding 18.80 pounds for purchase, and 19.02 pounds for sale. The euro exchange rate at the Commercial International Bank Egypt remained at 18.81 pounds for purchase, and 19.09 pounds for sale.
While the sterling exchange rate fell once morest the Egyptian pound to the level of 21.16 pounds for purchase, and 21.28 pounds for sale. The National Bank of Egypt and Banque Misr recorded a level of 21.51 pounds for purchase, and 21.98 pounds for sale.
