Execution on 39 pounds.. The price of the black market dollar continues to collapse

Written by Manal Al-Masry:

The price of the dollar on the black market – the parallel market for currency trade – continued to collapse by about 6 pounds during the middle of Sunday’s trading, due to the state of anxiety and anticipation among speculators after the Ras Al-Hikma deal dollars, according to what dealers in the exchange market told “Masrawy.”

The execution price of buying and selling the dollar on the black market during the middle of today’s trading was about 39 pounds, down from the level of 45 pounds yesterday, Saturday. This is due to the increased demand of traders to sell the dollar in their possession, fearing that the Central Bank will soon take a decision to liberalize the exchange rate.

This reduced the gap in the price of the dollar between the parallel market and the banks to about 26%, after it had exceeded 100% in previous times, as it is trading in banks at approximately 31 pounds, a price fixed at it since last March.

The price of the dollar exceeded the level of 73 pounds last January before it began to decline beginning last February amid expectations that Egypt would implement major investment deals, the first of which was the city of Ras El Hekma, in addition to providing an additional loan from the International Monetary Fund.

On Thursday and Friday, the Central Bank of Egypt received from Abu Dhabi Developmental Holding Company (ADQ) the first transfer from the Ras al-Hikma deal worth $10 billion last Thursday and Friday, in addition to settling a $5 billion deposit owed by Egypt to the UAE, according to a statement issued by the Council of Ministers.

According to the agreement, Egypt will receive the second installment of $20 billion from the Ras El Hekma deal within the next two months from the signing of the deal that took place at the end of last month.