12:16 PM
Monday, March 18, 2024
Written by Manal Al-Masry:
The proceeds of customers selling dollars and other foreign currencies recorded a new jump in Al-Ahly and Misr Exchange companies, exceeding the equivalent of 3 billion pounds, during the first 12 days of liberalizing the pound’s exchange rate, according to what the presidents of the two companies told “Masrawy.”
They explained that the demand of customers to sell the dollar and other currencies in the branches of the two companies is increasing daily as the dollar continues to decline in banks and ATMs, which has increased the movement further.
The Central Bank announced the liberalization of the pound exchange rate – the floating of the pound – on Wednesday before last, with the aim of eliminating the foreign exchange gap and the parallel market – the black market for currency trade.
The dollar rose to about 50 pounds during the first day of liberalizing the exchange rate before it began to gradually decline to reach about 47.35 pounds this morning, driven by an increase in foreign exchange flows to banks and the stagnation of the black market.
Abdel Majeed Mohieldin, President of Al-Ahly Exchange Company, owned by the National Bank of Egypt, said that the company’s revenues jumped to the equivalent of about 1.750 billion pounds during the first 12 days of the decision to liberalize the exchange rate.
He explained that the company’s 89 branches spread across the country are witnessing a large movement of customers selling the dollar and other currencies.
After the liberalization of the exchange rate, the black market – for currency trade – witnessed a stagnation in movement until the price gap between the parallel market and the banks, which had previously reached above 135% due to foreign exchange shortages, disappeared.
Adel Fawzi, head of the Misr Exchange Company, owned by the Banque Misr, said that the great demand among the public for selling the currency contributed to increasing the company’s revenues to record a new jump, reaching the equivalent of about 1.3 billion pounds in the first 12 days of liberalizing the pound’s exchange rate.
He explained to Masrawy that the dollar accounts for the largest share of concessions, at a rate of 64.1%, followed by the euro, at a rate of 18.6%, the Saudi riyal, at a rate of 14.3%, the British pound, at a rate of 1.4%, the UAE dirham, at a rate of 1%, and then the rest of the other currencies, at a rate of 1.5%.
Mohamed El-Etreby, Chairman of the Bank of Egypt and the Federation of Egyptian Banks, said in press statements earlier that there are large foreign exchange flows to banks from foreign individuals and institutions and remittances from Egyptians working abroad.
ظهرت في الأصل على www.masrawy.com