Egyptian Pound Takes a Hit: Latest Dollar Rate Update for Tuesday, 11-5-2024, Following Recent Surge

The price of the dollar against the Egyptian pound witnessed significant stability today, Tuesday, November 5, 2024, maintaining its recent increase in Egyptian banks, according to the latest official transactions, the price of the dollar recorded… central bank Al-Masry is now at 49,022 pounds to buy and 49.15 pounds to sell, reflecting relative stability after the previous hour’s fluctuations and following the official price allowed in the Egyptian market and the rest of the banks.

Dollar price today Tuesday in Egyptian banks

Below is the detail of today’s dollar price Bank of Egypt Which comes as follows:

– National Bank of Egypt: 49.01 pounds to buy, and 49.11 pounds to sell.

– Bank Egypt: 49.01 pounds to buy, and 49.11 pounds to sell.

– Cairo Bank: 49.02 pounds to buy, and 49.03 pounds to sell.

– Bank of Alexandria: £49.03 to buy and £49.05 to sell.

– Housing and Development Bank: £48.93 to buy and £49.03 to sell.

– Arab African International Bank: 49.06 pounds to buy, and 49.16 pounds to sell.

– Commercial International Bank (CIB): 49.03 pounds to buy and 49.13 pounds to sell.

– Al Baraka Bank: 49.01 pounds to buy, and 49.11 pounds to sell.

– Credit Agricole: £49.06 to buy and £49.16 to sell.

– Faisal Islamic Bank: £49.06 to buy, and £49.16 to sell.

– Abu Dhabi Islamic Bank: £49.06 to buy, and £49.15 to sell.

– Suez Canal Bank: £49.05 to buy, £49.15 to sell.

Commercial banks are now priced in dollars

Economists have attributed the increase in the price of the dollar in Egypt to several main factors related to the local and global economy, and the most prominent of these factors is the continuous increase in interest rates by the US Federal Reserve, which encourages investors to shift their investments due to higher returns, including the dollar, and the Egyptian pound. Increasing pressure on other currencies, likewise, increases in basic commodity prices, particularly oil and gold, increase Egypt’s demand for dollars to cover imports. Its value against the pound.

Meanwhile, experts point to the impact of the trade deficit, as the gap between exports and imports widens, which increases the Egyptian market’s demand for foreign exchange for imports and thereby increases the value of the dollar against the pound. .

Edit the value of the Egyptian pound

Economists expect continued pressure on dollar prices in the Egyptian market in the coming period, especially in light of continued tight monetary policy in the United States and a reduction in foreign exchange inflows to emerging markets. The pound is also likely to remain under pressure as the cost of importing strategic goods rises.