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Written by: Dia Al Sakka
The dollar is held against the pound sterling on Sunday, August 11, the first day of Eid al-Adha, in government and private banks.
The greenback recently hit record levels, reaching its lowest level since the pound sterling float in November 2016, registering 16.48 pounds to buy.
The dollar, Sunday at CIB International Commercial Bank, the lowest selling price of 16.48 pounds, and the lowest selling price of 16.58 pounds.
The dollar had recently hit a record low of 17 pounds for the first time in two years.
The dollar fell after a significant decline in the US currency during the recent period, reaching more than 180 piastres, following statements by the governor of the Central Bank of Egypt, Tarek Amer, according to which the rate of The exchange rate of the pound sterling may experience greater fluctuation over the coming period after the end of the foreign currency conversion mechanism.
Amer told Bloomberg that the central bank was committed to ensuring a "free-trade" market subject to the forces of supply and demand, evoking the stability of exchange rates over the past year. period, resulting in improved current account through increased transfers, tourism and exports, as well as an improvement in Egypt's credit rating.
A report from the Middle East News Agency revealed that the dollar exchange rate has recently recorded the largest daily decline in the Egyptian pound for two years.
According to the latest "Dollar Live" updates, US exchange rates in Sunday's public and private banks are as follows:
Central Bank of Egypt
EGP 16,5032 for sale
16,625 EGP For Sale
Islamic Bank of Abu Dhabi
16.53 EGP to buy
16.63 LE for sale
Bank Audi
16.52 LE to buy
16.62 LE for sale
Egyptian Gulf Bank
16.52 LE to buy
16.62 LE for sale
Arab International Banking Corporation
16.52 LE to buy
16.62 LE for sale
Misr Iran Development Bank
16.52 LE to buy
16.62 LE for sale
Al Ahli Bank of Kuwait (Piraeus)
16.52 LE to buy
16.62 LE for sale
Suez Cbad Bank
16.52 LE to buy
16.62 LE for sale
Al Baraka Bank
16.51 EGP to buy
16.61 LE for sale
National Bank of Egypt
16.51 EGP to buy
16.61 LE for sale
Agricultural credit
16.51 EGP to buy
16.61 LE for sale
Bank of Egypt
16.51 EGP to buy
16.61 LE for sale
National Bank of Greece in Egypt
16.5 EGP to buy
16.6 g for sale
United Bank
16.5 EGP to buy
16.6 g for sale
African Arab International Bank
16.5 EGP to buy
16.6 g for sale
Housing and Development Bank
16.49 EGP to buy
16.59 LE for sale
Bank of Alexandria
16.49 EGP to buy
16.59 LE for sale
Commercial International Bank CIB
LE 16.48 to buy
16.58 LE for sale
Reasons for the decline of the dollar
Mina Rafiq, director of research at Al Marwa Securities, said in a press release that, to keep the dollar from continuing decline, it was necessary to work to attract more investment and increase revenue from Egyptian tourism.
He pointed out that the decline in the dollar's exchange rate against the Egyptian pound is attributable to Treasury bonds and debt securities. There is no reason at this time for a decline in investment, as long as investment rates are changing at a slow pace and the tourism issue is not moving, the Egyptian pound will not do much in relation to the dollar.
Meanwhile, economic and banking badysts told Asha that the measures taken by the Central Bank over the past period to facilitate the entry and exit of foreigners to the Egyptian market are bearing fruit, pointing out that markets were beginning to see the positive effects of the decision to cancel the mechanism of foreign funds in early December. Cash flow from international funds, which posted a positive net income of more than $ 1 billion in January alone for the first time since mid-2018.
In a related context, the experts attributed to "Al-Ahram" the reason for the decline of the dollar on the Egyptian market in recent days, the resumption of foreign funds flows for the first time since last May.
Experts also reported on the Masrawy website that the drop was due to strong demand for foreign investment in government debt securities: Egypt has sold more than one. Billion dollars of debt instruments to foreigners in January and cashed the proceeds of its sales in Egyptian banks.
They added that the end of the fund transfer mechanism of foreign investors from last month and the entry and exit of these funds via the interbank foreign exchange market have allowed the increase in foreign capital inflows , which contributed to the dollar 's abundance and coincided with the return of the influx of foreign investment into Egypt from January.
Moreover, Yahya Aboul Fotouh, vice president of the National Bank of Egypt, told "his host country" that the reasons for this decline were due to the fact that investors in emerging markets in Turkey and Argentina are withdrawing their investments from the capital markets of these countries in the second half of last year. At the beginning of the new year, investors were looking for promising and stable markets, these indicators applying to the Egyptian market.
He pointed out that the reform measures taken by Egypt in previous periods had borne fruit in the new calendar year and helped attract nearly a billion dollars in deposits and deposits. Investments in the Egyptian capital markets.
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