After floating the pound… ATMs raise the dollar limit to increase concessions

03:09 PM

Sunday, March 10, 2024

Written by Manal Al-Masry:

Exchange companies raised the limits for obtaining foreign exchange for customers to more than 3 times, or opened the limits in some companies without restrictions after the increase in customers’ concessions on the dollar and other foreign currencies, driven by the decision to liberalize the exchange rate of the pound, according to what officials in 3 exchange companies told “Masrawy.” .

A customer service manager at one of the branches of Al-Ahly Exchange Company, affiliated with the National Bank of Egypt, said that the company agreed to raise the limits of foreign exchange procurement for customers by the equivalent of three times, to record two thousand dollars per person currently, compared to $500 before the liberalization of the exchange rate after the abundance of foreign exchange.

Last Wednesday, the Central Bank announced the liberalization of the exchange rate of the pound against the dollar, rising from about 30.94 pounds to about 50 pounds, before it began to decline to about 49.1 pounds during the middle of some bank transactions on Sunday.

The Central Bank of Egypt aims to liberalize the exchange rate, leaving the determination of its value to the supply and demand mechanism, with the aim of eliminating the price gap between the black market and the banks and unifying the exchange rate.

Abdel Majeed Mohi El-Din, head of Al-Ahly Exchange Company, affiliated with the National Bank of Egypt, said that his company’s more than 80 branches collected about 284 million pounds in the first 4 days of liberalizing the exchange rate from Wednesday to Saturday, at a time when it suffered during the past periods.

Mohamed Ragai, President of Cairo Exchange Company, affiliated with the Bank of Cairo, said that the company opened the limits of foreign exchange procurement for customers in a flexible manner according to the supply of foreign exchange after the abundance of foreign exchange supply.

Meanwhile, Adel Fawzi, head of the Misr Exchange Company, affiliated with the Banque Misr, confirmed that the provision of dollars to customers is done with great flexibility for customers after the abundant supply of foreign exchange that exceeds the volume of demand.

Misr Exchange collected foreign currency equivalent to about 201 million pounds in the first 4 days of liberalizing the exchange rate, according to what Fawzi said.