The exchange rate of the dollar against the Egyptian pound rose on the black market on Thursday, inside and outside Egypt, according to traders, while the government is still seeking to resolve the liquidity crisis and raise market morale regarding expected dollar flows.
For traders inside Egypt, the price of the dollar in the parallel market ranged between 61 and 62 pounds to the dollar, Thursday, compared to between 55 and 60 pounds. Wednesday.
As for outside Egypt, the purchase price was 61.12 pounds per dollar, and the selling price was about 62.07 pounds per dollar, compared to about 59.6 pounds per dollar to buy and 60.5 pounds to sell one dollar on Wednesday.
This comes as Egypt faces a dollar liquidity crisis that has exacerbated the gap between the official exchange rate and the price in the parallel market, while the government seeks to reduce the parallel market rate amid anticipation of a new reduction in the price of the pound, which is a major demand of the International Monetary Fund.
The dollar on the black market in Egypt is still below the record levels it reached at the beginning of the year and exceeded the level of 70 pounds per dollar.
The official exchange rate for the dollar remains at a level of approximately 31 pounds to the dollar, which is the price it stabilized at after Egypt devalued its local currency 3 times since the outbreak of the war in Ukraine – which broke out in February 2022 – causing the Egyptian pound to lose about 50% of its value against the dollar.
(Prepared by: Shaima Hefzy, contact: zawya.arabic@lseg.com)
#Economic News
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