Investing.com – The price of the dollar rose on the black market against the pound during these moments of trading on Monday, as this comes after a downward journey that lasted for days in which the dollar fell from levels above 60 pounds to levels near 40 pounds to the dollar.
Know the price of the dollar in the parallel market around the clock
You can now follow the price on the black market in Egypt, moment by moment, via this page available on the Investing Saudi website, and also available on the mobile application that you can download From this link for Android device usersthrough This link is for iPhone users.
Meanwhile, Mostafa Madbouly, Egyptian Prime Minister, said that in light of the increase in dollar resources in recent days, whether through the Ras El Hekma deal or others, there are presidential directives for the immediate release of goods in all ports.
The Prime Minister indicated that coordination will be made with the Central Bank and relevant ministries to ensure rapid release, especially for food commodities, medicines, feed, and production requirements, which will contribute significantly to achieving a balance and reducing prices.
This comes after Egypt received five billion dollars as part of the first installment of the investment partnership deal with the UAE to develop the city of Ras El Hekma, on Thursday. It received an additional $5 billion on Friday, for a total of $10 billion in two days.
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The parallel market dollar had witnessed violent declines over the past few days due to the news of the Ras El Hekma deal, as it fell from levels above 60 pounds to levels below 50 pounds. On Friday, Egyptian Prime Minister Mostafa Madbouly announced the signing ceremony of the largest direct investment deal in the history of Egypt, with the Emirati side, to develop the Ras El Hekma area on the northwest coast.
The decline of the parallel market dollar today coincides with the decline of the US currency in non-deliverable futures contracts. Amid markets’ anticipation of the results of the Egyptian authorities’ negotiations with the IMF regarding increasing the financing package, in addition to the amount of the widely expected devaluation of the pound.
In a statement issued today, Monday, Osama Rabie, Chairman of the Egyptian Suez Canal Authority, indicated that the project to fully double the canal’s navigational course is still in the initial study stage.
This phase includes feasibility studies, environmental studies, engineering and civil studies, in addition to educational research, dredging, and other studies that the authority will implement in cooperation with major international consulting companies specialized in this field, with the aim of completing the study phase within 16 months, according to statements by the head of the authority.
He added that these steps come in preparation for presenting the project to the government, while ensuring the provision of the necessary funding for its implementation in the future, through the Authority’s investment budget that was approved by the Ministry of Finance, without placing any additional burdens on the state’s general budget.
Black market dollars
The official exchange rate remained stable at about 30.90 pounds to the dollar, while the price on the black market rose during the past hours, moving at the time of writing this report around the level of 44 pounds to the dollar at the time of writing this report, while trades ranged between 43 to 45 pounds to the dollar, according to the data. Available on Investing Saudi Arabia website.
The dollar in the parallel market in Egypt reached the highest price ever recorded at the end of January, when it touched the level of 75 pounds.
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