A new series of declines.. The price of the dollar fell against the Egyptian pound in today’s trading

The US dollar is the most traded currency in the world, especially in import and export transactions within Egypt, as banks within the Arab Republic of Egypt recorded a decline in the price of the US dollar at the beginning of transactions on Friday, March 15, 2024, thus completing the series of declines that began since the beginning of the week, as well as It is witnessing a noticeable decline in black market transactions after suffering a triple blow following the decision to liberalize the exchange rate in banks and raise interest by 6%. Below we review the latest updates on the price of the US dollar against the Egyptian pound during today’s transactions within banks and the black market.

The price of the US dollar inside Egyptian banks

The price of the dollar is witnessing a noticeable decline in its price within Egyptian banks, as within 4 days the dollar witnessed a decline of 2.85 pounds, and the state of decline continues at the beginning of trading on Friday, March 15, 2024 in buying and selling movements, as the price of the dollar within banks came to record as follows:

• The price of the Central Bank of Egypt dollar came to record against the Egyptian pound at 47.90 in the case of selling, and its price came to record 47.77 Egyptian pounds in the case of buying.

• Banque Misr recorded the average price of the US dollar in the case of selling at 47.89 Egyptian pounds, and it recorded 47.79 Egyptian pounds in the case of buying.

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• The price of the dollar in Abu Dhabi Islamic Bank at the beginning of today’s trading in the case of selling was 48.62 Egyptian pounds, and the buying price was 48.52 Egyptian pounds.

• Credit Agricole Bank came to record the price of the US dollar in the case of selling at 47.90 Egyptian pounds, and it also came to record the price of the dollar in the case of buying at 47.80 Egyptian pounds.

• The price of the dollar in the Arab International Bank reached 47.80 Egyptian pounds in the case of sale, and the purchase price reached about 47.70 Egyptian pounds.

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• The Arab Investment Bank came to record the price of the dollar in the selling movement at about 47.80 Egyptian pounds, and it also recorded the purchase price to record about 47.70 Egyptian pounds.

• The National Bank of Egypt recorded the selling price of the US dollar at about 47.90, while the purchase price came to record about 47.80 Egyptian pounds.

• The Bank of Alexandria came to record the price of the dollar in the case of selling as 47.85 Egyptian pounds, and in the case of buying it recorded the amount of 47.75 Egyptian pounds.

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The price of the dollar on the Egyptian black market

After liberalizing the exchange rate within banks and raising the interest rate by 6%, the black market witnessed a triple blow that resulted in a decline in the price of the dollar in black market transactions against the Egyptian pound at the beginning of trading on Friday, March 15, 2024, as the price of the US dollar came to record in the parallel market as follows: :

• The average exchange rate of the US dollar against the Egyptian pound in the case of selling on the black market amounted to 47.80 Egyptian pounds.

• The average exchange rate for the US dollar in black market transactions in the case of purchase was 47.50 Egyptian pounds.

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What is the black market in Egypt?

It is an illegal market in which foreign currencies are exchanged without government control.

How much is 1000 Egyptian pounds worth to the dollar?

It is about 47,900 in the case of sale within Egyptian banks.

What does flotation mean?

It is to let the price of the dollar in the country be determined according to the state of supply and demand in money market transactions.

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