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The US dollar recorded its biggest loss in two years, losing about 58 piastres since January 27, 2019, according to the currency posted by the Central Bank of Egypt.
The green paper lost 5 pounds on Monday, recording about 17.2825 pounds to buy and 17.3825 pounds for sale, compared with around 17.3386 pounds at the time of purchase and 17.4386 pounds for sale Sunday.
It should be noted that the downward slide in the banks' dollar began with comments by Tariq Amer, Governor of the Central Bank, on the increase in net foreign currency debt, in addition to the decision of cancel the transfer of funds from foreign investors.
This decision allows foreigners wishing to buy Egyptian bonds, bonds and treasury bills to enter and exit through the interbank market, not through the central bank mechanism.
The central bank set up the mechanism in March 2013 to ensure that foreign investors receive foreign currency when they want to exit national securities, both government bonds and treasury bills, or listed shares, to encourage them to return to Egypt.
In a previous statement, Finance Minister Mohamed Moait said the balance of foreign investment in treasury bills and bonds in the Egyptian market was about $ 15.8 at the end of February.
Central bank data shows foreign investment in local currency treasury bills rose for the first time in 10 months in January, reaching $ 13.2 billion, up $ 2.5 billion from the previous year. December.
Egypt lost about $ 10.8 billion in foreign investment in treasury bills in the last nine months of 2018.
The dollar's movement saw a significant drop in trading on Monday, after losing about 6 dollars against Ahli Bank, Egypt, Arab International Bank and United Bank, registering about 17.28 pounds on the purchase and 17 , 38 books for sale.
The dollar of the Commercial International Bank amounts to about 17.27 pounds for the purchase and 17.37 pounds for the sale, a decrease of 7 dollars for the morning transactions.
Analysts and analysts predict that the dollar will continue to fall against the pound in the coming days, along with the improvement in foreign exchange resources, including tourism and remittances from Egyptians working abroad .
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