Written by Asmaa Amin
Thursday, March 14, 2024 08:00 PM
Continue dollar price Its collapse against the pound, days after the Central Bank decided to fairly price the pound, to eliminate the black market and speculation on the dollar.
Dr. Youmna Al-Hamaki, Professor of Economics at Ain Shams University, confirmed that the decline in the price of the dollar against the pound is an expected step after the bank’s decision to price the pound fairly, pointing out that the selling of the dollar by citizens at all levels contributed to the decline in the price of the dollar, especially since there was a hoarding of dollars by citizens. It is expected that the dollar will witness further decline.
Al-Hamaki stressed that it must be properly sustained in order to reap the benefits and success of the decision to liberalize the exchange rate by moving to increase the volume of exports, stressing that there must be a plan and change the behavior of the Export Support Fund with the integration of small and medium industries, combating corruption and bureaucracy, and increasing the participation of the private sector. Al-Hamaki stressed that Without this, the chances of sustaining the continued provision of the dollar will be weak.
The price of the dollar against the Egyptian pound in morning trading witnessed a noticeable decline since the beginning of morning trading, recording 47.80 pounds in the National Bank of Egypt for purchase, 47.90 pounds for sale, while in the Suez Canal Bank it recorded 47.70 pounds to buy, 47.80 pounds for sale, and these prices are according to the latest updates in a number of banks. Egyptian.
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