The gap widened between the official exchange rate of the Egyptian pound once morest the dollar and its price in the parallel market, which put pressure on Egypt ahead of an important meeting of the International Monetary Fund board next week.
Hard currency shortages persist in Egypt despite the devaluation of the pound twice this year.
The pound fell 14.5 percent once morest the dollar on Oct. 27. Since early November, the central bank has allowed the official rate to decline gradually, averaging regarding 0.01 pounds per day.
On December 16, the IMF is expected to consider Egypt’s request for an extended fund facility of $3 billion to help support its public finances. Egypt and the Fund announced the agreement on the financing package on October 27 at the expert level.
dollar in Egypt
The price of the dollar today in Egypt varied at the start of trading on the morning of Saturday, December 10, 2022, at the Central Bank and commercial banks.
The Central Bank of Egypt’s decision to implement a flexible exchange rate system for the pound once morest foreign currencies led to a rise in the monthly inflation rate by 2.5% for the month of November, as the annual urban inflation rate recorded 18.7%, the highest level since December 2017.
The annual inflation rate for the whole Republic reached 19.2% for the month of November 2022, compared to 6.2% for the same month of the previous year, and the general consumer price index for the whole Republic reached 140.7 points for the month of November.
According to the Central Agency for Public Mobilization and Statistics statement, the prices of the cereals and bread groups increased by 4.8%, meat and poultry by 6.8%, fish and seafood by 3.7%, dairy, cheese and eggs by 5.5%, oils and fats by 1.4%, and the vegetables group by 7.8%.
The price of the dollar today in the central bank
The price of the dollar declined in Egypt during morning trading with the Central Bank of Egypt, at 24.56 pounds for purchase, and 24.64 pounds for sale.
The price of the dollar today on the black market
Traders on the black market are selling dollars for 32 and 33 pounds, compared to the official exchange rate of regarding 24.6 per dollar, according to a Archyde.com report.
The Egyptian government prohibits the trading of different currencies outside banks and exchange companies, in what is known as the black market, or the parallel market, and it imposes harsh penalties on this matter, but there are some people who work in trading different currencies outside the official banking market, and it even reached the point of practicing Black market activity on social media.
Traders and business owners turn to the black market to procure hard currency at any price in order to protect their business deals and clients.
The price of the dollar today in Egyptian banks
Abu Dhabi Islamic: 24.62 pounds for purchase – 24.65 pounds for sale
Egyptian Gulf: 24.62 pounds for purchase – 24.65 pounds for sale
Al-Ahly of Kuwait: 24.60 pounds for purchase – 24.65 pounds for sale
Alexandria: 24.60 pounds for purchase – 24.65 pounds for sale
The price of the dollar today in the National Bank of Egypt
The exchange rate of the dollar in the transactions of the National Bank of Egypt today reached 24.54 pounds for purchase, and 24.59 pounds for sale.
The price of the dollar today in Banque Misr
The exchange rate of the dollar reached 24.54 pounds for purchase, and 24.59 pounds for sale.
The price of the dollar today in the International Commercial Bank (cib)
The purchase price of the dollar in the Commercial International Bank (CIB) in Egypt decreased today to 24.58 pounds for purchase, and 24.64 pounds for sale, compared to 24.59 pounds for purchase, and 24.65 pounds for sale yesterday.
The price of the dollar today in the Bank of Cairo
The price of the dollar fell today in Egypt, with Bank of Cairo transactions, to regarding 24.50 pounds for purchase, and 24.56 pounds for sale, compared to 24.56 pounds for purchase, and 24.64 pounds for sale yesterday.
Expectations of the price of the dollar once morest the pound in Egypt
“We think we will see another cut or adjustment… but we don’t expect a cut to the 32-34 level as suggested by the London Stock Exchange or the black market,” said Jap Meagher of Arqaam Capital.
According to the expectations of banks published by Bloomberg Agency, the pound is likely to move to levels ranging between 26 pounds per dollar and near 27.8 pounds per dollar during the coming period.
The agency said that Egypt will move to further reduce the exchange rate of the pound once morest the dollar before it obtains the International Monetary Fund loan scheduled for this December, expecting at the same time a further decline during the next 12 months.
While bankers and economists expect that the price of the dollar will rise before the end of this December to a new record level between 25 and 30 pounds, before the International Monetary Fund agrees to disburse a loan to Egypt. The dollar may exceed 30 pounds, with most traders currently hedging once morest the rise in the price of the dollar, and raising prices anticipating the worst possibilities, which increases the gap between the official rate and the black market.
