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Cairo – Mubasher: The Egyptian pound held up against the US dollar in five banks during Sunday's morning trading, the first after the decision to cut interest rates.
The MPC decided last Thursday to reduce the deposit and lending rates as well as the main transaction price by 150 basis points, to 14.25%, 15.25% and 14.75%, respectively.
The pound sterling price has stabilized today against the dollar of Ahli, Egypt and IPC banks, at 16.52 pounds at the time of purchase. and 16.62 pounds for sale.
The dollar was at Credit Agricole at 16.55 pounds to buy, 16.65 pounds for sale, while 16.56 pounds to buy and 16.65 pounds for sale in Abu Dhabi Islamic Bank.
Bankers expected to "hide" that the exchange rate of the pound sterling against the US dollar would not be affected by Egyptian banks during the current period, in case the Egyptian central bank would lower its rates. interest.
For its part, Beltone's research confirmed that "all the possibilities you plan to stay up in 2020 in favor of the appreciation of the pound sterling, with limited fluctuations in the order of 16 to 17 pounds sterling against the dollar, will continue to be needed to help the Central Bank of Egypt to maintain the inflation target and to continue the monetary easing cycle. "
Beltone expects the price of 16 pounds against the dollar to be the maximum level of this upward trend in the pound, as rising above these levels will boost demand for the dollar, especially in the United States. Wholesalers and retailers currently working in imported consumer products, as well as companies working in consumer goods that will be looking to buy. Raw materials at low cost.
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