Chairman of Al-Ahly Exchange: 1.5 billion pounds in foreign exchange earnings since the liberalization of the exchange rate

Books – Ahmed Yaqoub

Sunday, March 17, 2024 09:26 AM

said Abdul Majeed Mohieldin, Chairman of the Board of Directors of the company Al Ahly Exchange A subsidiary of the National Bank of Egypt, said on Sunday that the proceeds from selling foreign exchange within the company’s branches amounted to about 1.5 billion pounds, since the decision to liberalize the exchange rate on March 6, 2024 until now, explaining that yesterday’s transactions, Saturday, amounted to 175 million pounds.

The Chairman of the Board of Directors of Al-Ahly Exchange Company added, in exclusive statements to Youm7, that the company’s 89 branches are witnessing a significant increase in the demand for the sale of various Arab and foreign currencies, which is an important indicator of the return of confidence in the Egyptian economy as a result of the new economic decisions, expecting that the foreign exchange proceeds will witness Significant growth in the coming period.

The Central Bank of Egypt affirmed its commitment to maintaining price stability in the medium term. To achieve this, the Central Bank is committed to continuing its efforts to shift towards a flexible framework for targeting inflation, by continuing to target inflation as the nominal basis of monetary policy while allowing the exchange rate to be determined according to market mechanisms. Unifying the exchange rate is considered a very important measure, as it contributes to eliminating the accumulation of… Demand for foreign exchange following the closing of the gap between the official and parallel market exchange rates.

The Monetary Policy Committee decided, in its extraordinary meeting on March 6, to raise the overnight deposit and lending interest rates and the Central Bank’s main operation rate by 600 basis points to reach 27.25%, 28.25% and 27.75%, respectively. The credit and discount rates were also raised by 600 basis points to reach 27.75%.

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