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At the beginning of the retreat in early February, observers and the media spoke of "temporary decline" and others have adopted other theories about the quality of central bank control of Egypt's prices, but the decline has continued "Good news" For Egyptians who have suffered a sharp decline in the value of their local currency since the liberalization of the Egyptian pound in November 2016.
Yesterday Tuesday the price hit Dollar In the Egyptian market, about 17.26 pounds to buy and 17.36 pounds to sell, down about 17.9 pounds to the dollar earlier this year.
According to a newspaper "Sunrise" Al-Qahriyya, awarded the macroeconomic analyst to the research department of the investment bank "Hc" Securities and Investment, Sarah Saadeh, the dollar has in relation to the pound sterling, which has affected the exchange rate, in particular the funds in the portfolios. "Treasury Bonds" Especially after the end of the fund transfer mechanism of foreign investors from the end of last December and the entry and exit of these funds between banks, which has resulted in an increase of these flows, which affected the exchange rate.
The decline is also due to the improved flow of foreign investment funds into the Egyptian financial markets, which reached $ 15.8 billion at the end of February, according to the latest government statements, which should continue to lowering the greenback in the coming period, but at a slower pace.
A head of a private bank, who declined to give his name, said the recent decline in the dollar was due to an increase in inflows of foreign investment, an increase in the supply of currency and a reduction in the demand for money. ", as well as the end of your loan season" Yamish "Ramadan, as reported" The sunrise ".
It should be noted that the dollar price has never been lowered from the 17-pound bar two years ago, and specifically since March 2018, when it was around 16, 20 pounds.
Since his release central bank Exchange rate Egyptian book In 2016, economists claim that he has tightened control over the value of the local currency, which no longer receives this strength since March 2017, to fall to about half of its value.
And became L & # 39; Egypt, Which currently exports 1.1 billion cubic feet of natural gas a day, is a net exporter at the end of 2018, a major change for the country that spent about $ 3 billion in annual LNG imports in 2016.
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At the beginning of the recession in early February, observers and the media reported a "temporary decline", while others adopted other theories about the quality of control of the Central Bank of Egypt , but the continuing decline was "good news" for Egyptians who have suffered a sharp decline in the value of their local currency since The Egyptian pound was released in November 2016.
On Tuesday, the dollar's price on the Egyptian market rose to about 17.26 pounds at the time of purchase and 17.36 pounds for sale, compared to 17.9 pounds to the dollar earlier this year.
Sarah Saadeh, investment analyst at HSBC Securities and Investment, based in Cairo, explained that the depreciation of the dollar against the pound sterling was linked to the exchange rate, especially the cash flow, the end of the transfer mechanism. Money from foreign investors from the end of last December, as well as the entry and exit of these funds between banks, which has resulted in an increase in these flows, which has affected the exchange rate.
The decline is also due to the improved flow of foreign investment funds into the Egyptian financial markets, which reached $ 15.8 billion at the end of February, according to the latest government statements, which should continue to lowering the greenback in the coming period, but at a slower pace.
"The decline of the dollar over the recent period is due to an increase in inflows of foreign investment, which increases the supply of foreign exchange and reduces the demand for money," said a bank official from a private bank. As well as the completion of the loan season for the "Yamish" Ramadan, as reported by "Sunrise".
It should be noted that the dollar price has never been lowered from the 17-pound bar two years ago, and specifically since March 2018, when it was around 16, 20 pounds.
Since the central bank released the Egyptian pound in 2016 to halve its value, economists say it has tightened its grip on the value of the local currency, which has not gained that strength since March 2017.
Egypt, which currently exports 1.1 billion cubic feet of natural gas per day, is a net exporter at the end of 2018, which has substantially transformed its budget into annual LNG imports of about $ 3 billion a year. 2016.
