2024-05-09 21:58:51
Dear subscribers around the world, welcome to a new analysis of the most important reports presented by the Banker Research Unit throughout the day today, Thursday, May 9.
It started with an important report titled The Night the Dollar Fell and the Egyptian Pound Rise.
The report said that alongside the Egyptian government’s preparations to pay $845 million to the International Monetary Fund during the month of May, in line with the Fund’s loan repayment schedule, the dollar continued its decline once morest the Egyptian pound during recent transactions. and fell to less than 47 and a half pounds for the first time in a long period amid very high expectations with further falls in the price of the American currency in the coming months.
The report highlights expectations regarding the collapse of the dollar and states that there are several indicators indicating that the price of the dollar will decline in the coming period, especially since Egypt will receive a large amount of foreign exchange, The first will come from the rest of the Ras al-Hikma agreement, and within a few days Egypt is supposed to receive around 20 billion dollars, the rest of the agreement, and it will arrive in successive quantities, a second dollar for dollar. part of the IMF and part of the European Union, in addition to the World Bank and other international financial institutions, and with the notable improvement in remittances from Egyptians abroad, the increase in Egyptian exports abroad and the realization of new Under the government’s proposed program, all this will of course create a great abundance in the dollar money supply and contribute to the fall of the American currency, the expected price, according to most international reports, will be between 40. and 42 pounds, and this might happen within 3 to 6 months at the latest.
The Banker Unit presented another important report on a project that the Central Bank will launch very soon.
The banker revealed that during the past period, the Central Bank and those responsible for managing monetary policy in Egypt were preparing for a massive project that would bring a major change in the banking services sector and provide solutions without precedent to customers in their banking transactions.
He also added that the Central Bank is currently putting the finishing touches on the launch of the “Digital Financial Identity” company, which will be launched in the second half of 2024, with the aim of enabling the opening of bank accounts electronically and via mobile without you have to go to the bank branches.
The report explains the meaning of digital financial identity with a simple example: if you are planning to open an account in any bank in Egypt, you do not need to visit the bank branch, take a number, queue or wait for your turn. , and all you need to do is prepare the required documents and upload them to the bank account and within minutes you will have a working account where you can deposit or transfer money to it from Egypt and the exterior.
The new company, according to information from Banker, will be like a central entity that will prepare the infrastructure for the opening of bank accounts through digital identity without the need to go to a bank branch… and the “ digital identity” of the customer means any technically processed data relating to a specific person linked to official data allowing the evaluation and authentication of transactions carried out via digital platforms.
The next report presented by Banker platforms was regarding the most dangerous day in the life of goldsmiths. What will happen on the gold market tomorrow?
The report states that the gold market in Egypt, like any market, is governed by the laws of supply and demand, as well as international prices of the yellow metal, economic decisions, people’s fear and holiday periods, and all these are the things that control its price. We saw how prices rose to historic levels, and the 21 gram entered the 4,000 pound barrier at the height of the dollar crisis, which… Its price was over 65 pounds in the goldsmiths, and this was due to the increase in demand at the time, the lack of supply and the negative economic situation at the time, which made people afraid and running to buy gold and hoarding in order to preserve the value of their money, and this was before flotation.
The report reveals that the government, in order to overcome the crisis of the insane rise in gold prices, has been working on an initiative to allow the entry of gold to Egyptian expatriates without customs, and this is a way which the government thought of to provide the supply of gold to the goldsmiths.
Banker pointed out that the initiative was significantly successful in reducing the huge demand for gold at the time, and it was estimated that around 4 and a half tonnes of gold were imported, which was a very significant amount , and it was estimated that it had achieved a large part of the price equilibrium and reduced the intensity of demand and the crowds in the goldsmith’s shops.
Regarding what will happen tomorrow, the report states that the deadline is tomorrow, Friday, following the last extension, and because there are only a few hours left before its expiration date, tomorrow, May 10. So far there are no signs. that the government will extend the initiative, which means that goldsmiths will lose a significant gold resource, and this will be reflected in the gold supply. The yellow metal coincides with the entry into the blessed season of Eid al-Adha and. the expected increase in demand for goldsmiths in Cairo and the governorates will lead to an increase in prices.
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