2023-07-14 02:33:02
It has spread black market dollars In Egypt and back once more, the merchants resumed all their previous activity as they trade currencies away from the official markets, especially following the traders in the black market came up with new ways to circumvent and circumvent the restrictions imposed by the Central Bank of Egypt, which tried in various ways to prevent The circulation of the dollar and currencies outside the banking system, as the government has imposed maximum penalties on those who make sure that it deals in the black market, and they have also taken several initiatives whose first goal is to eliminate the black market dollar and other currencies, and in this article we will try to answer multiple questions related to the work of the black market dollar And knowing the negative impact of the black market on the economy and citizens, and who are the beneficiaries of the black market continuing to operate, and the latest moves of the Central Bank to combat it.
To follow the latest currency rates on the black market and the latest gold prices.
Why is the price of the black market dollar different from the price of the dollar in banks?
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To answer this question, we must know why the black market arose? The black market for currencies or the parallel market arises when the demand for dollars and foreign currencies increases and the supply of dollars and currencies decreases in official banks, and in the black market for dollars and currencies, dollars are bought at prices higher than the official prices, and the greater the demand, the higher the price of the black market dollars and currencies and also increases The price of the dollar in selling to investors and importers.
What is the black market in Egypt or the parallel market for currencies?
The black market or parallel market for currencies is an informal market where currencies are traded outside legitimate channels, such as licensed banks and exchange companies where currency rates are set by the central bank. The central bank allows these companies to trade in dollars at a set difference from bank rates, for example, if dollar price In the bank 8.03 pounds for sale, it might be 8.08 pounds in exchange companies.
Who benefits from the existence of black market dollars?
The main beneficiaries of the presence of black market dollars are sellers, brokers, and buyers. Sellers can be ordinary people who own dollars through relatives working abroad or through their work in multinational companies that pay salaries in foreign currency. They can also be representatives of companies that export their products abroad or They work in the tourism sector.
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Who helps spread black market dollars?
Intermediaries play a role in accelerating the spread of black market dollars, and they are often representatives of currency management offices, and they are spread near the headquarters of exchange companies, and buyers are those who need to obtain dollars and other foreign currencies and cannot find them in banks, such as factory owners who need dollars and currencies to buy Raw materials or investors who want to establish a factory and need dollars and currencies to import its components, in addition to importers of goods and goods, and individuals who need dollars and other currencies for travel, treatment, education or entertainment.
The amount of black market dollar transactions?
The volume of transactions within the black market or the parallel market is estimated at regarding $35 billion annually according to statements by Hisham Ramez, the former central bank governor, and this percentage represents regarding 50% of Egypt’s total imports of $60 billion. However, this percentage of black market dollars has declined. Significantly following imposing the maximum deposit in dollars, and there is no recent information available regarding the volume of current transactions in the black market.
Can the black market dollar be exchanged for exchange companies?
Exchange companies cannot play this role and cannot manage millions of dollars to finance importers. Their role is limited, which is converting currencies for individual customers, especially tourists coming from abroad who need to convert their foreign currencies into the local currency and vice versa, while local banks are responsible for procuring the necessary dollars and currencies. For business operations, which include amounts of millions of dollars.
Do factory owners and importers close their businesses due to the high price of the black market dollar?
This is a very important question as it discusses a very sensitive issue. When the import of non-essential goods is subject to restrictions or a ceiling is set to obtain dollars and foreign currencies, this greatly affects the owners of factories, investors and all citizens as well as all who depend on these goods for living.
Usually, these people do not close their business completely, but they face great challenges, they have to reduce the volume of imports and thus reduce the amount of production and it is possible to shift to produce alternative locally made goods or they can adapt their operations to work in smaller quantities and many of them find it difficult to continue on the same level of revenue and profitability that they used to achieved earlier.
Is the government trying to eliminate the presence of black market dollars?
The government is trying hard to eliminate the black market dollar, just as it is trying to eliminate the existence of the black market from the ground up, but this requires a strong effort from everyone, and regarding the state’s attempts to confront the dollar crisis and eliminate the black market dollar, the solutions can be multiple and depend on national circumstances and priorities. The government may need to take measures to ensure the provision of basic commodities that affect the lives of citizens, such as food, medicine, and fuel. This may include directing available foreign exchange with clear priorities to meet commodity needs.
With regard to non-essential commodities, the state implements encouraging policies to stimulate local production and enhance manufacturing industries to reduce dependence on imports. These policies include support for local projects and try to provide financial and tax facilities for local producers.
Of course, it carefully studies these policies to strike a balance between maintaining the sustainability of the economy and limiting the negative impact on business owners and workers in non-essential sectors.
Is the continuation of the black market dollar important for citizens?
With regard to the importance of the continuation of the black market dollar for citizens, and although some individuals benefit temporarily from the differences in dollar prices on the black market, the continuation of the black market in operating poses a great challenge and increases the size of the complications that the economic situation encounters, as trade in the black market increases instability It encourages manipulation of dollar and currency rates and threatens the stability and stability of the national economy in general. It also provides opportunities for financing many illegal activities and also increases the chances of money smuggling.
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