01:07 PM
Tuesday 05 March 2024
Written by Manal Al-Masry:
The price of the dollar on the black market – the parallel market for currency trade – has risen again by about two pounds after a wave of successive collapse over the last week of the announcement of the entry of the first batch of dollars into Ras El Hikma, according to what an observer who spoke to Masrawy said.
According to the observer, the price of the dollar on the black market rose today to about 41 pounds from 39 pounds in the morning of trading yesterday, Monday, due to the slow measures expected to return the Central Bank to flexibility in the exchange rate – depreciating the pound – and the limited financing of banks for the requests of importers and individuals.
Over the last 7 days, black market speculators received heavy losses of about 15 pounds, falling from about 63.5 pounds to about 38 pounds, before rising again to about 41 pounds today.
The decline in the price of the dollar on the black market came after Egypt signed with the UAE the largest investment deal worth $35 billion to develop the city of Ras El Hekma, bringing the dollar down from its record level, which reached above 73 pounds until last January.
The state of panic and anxiety among major speculators contributed to the decline in the price of the dollar in the parallel market, especially after the official announcement that the Central Bank of Egypt received on Thursday and Friday $10 billion from the Emirati Abu Dhabi Development Holding Company “ADQ”, the value of the first installment for the development of the city of Ras El Hekma, in addition to the settlement of 5. Billions of dollars are an Emirati deposit owed to Egypt.
Egypt is anticipating receiving the second installment, worth $20 billion, of the largest investment deal with the UAE in the city of Ras al-Hikma within the next two months from the signing of the deal in mid-February, which includes the settlement of another $6 billion Emirati deposit.
These dollar flows contribute to alleviating the burden of foreign exchange facing Egypt during the last two years, the spread of the black market, and filling the dollar gap for the next 3 and 4 years, according to what international banks Morgan Stanley and Goldman Sachs said in their respective reports commenting on the deal.
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