12:33 PM
Friday, March 29, 2024
Written by Manal Al-Masry:
The price of the dollar rose again against the pound during this week’s transactions by about 75 piasters, exceeding 47 pounds at the end of yesterday, Thursday, compared to the Thursday before last in 9 banks, according to the banks’ websites.
The price of the dollar returned to rising during the third week of the decision to liberalize the exchange rate of the pound from Monday, after it fell from its highest level of about 50 pounds on March 6 to below 47 pounds until the end of last Sunday.
Bankers whom Masrawy spoke to earlier this week described the movement of the price of the dollar against the pound as a healthy phenomenon that reflects Egypt’s credibility in committing to flexibility in the exchange rate, meaning leaving the pound free to determine its value according to the mechanism of supply and demand.
The dollar’s sudden rise, starting last Monday, came under pressure from some oil companies transferring their dues outside Egypt, and foreign investors selling their investments in some Egyptian debt instruments “treasury bills” to make a profit from interest rate differences, which led to an increase in demand for the dollar and an increase in its value, according to What the bankers said.
Dollar prices in 9 banks within a week
National Bank of Egypt: 47.35 pounds to buy, and 47.45 to sell, an increase of 73 piasters for buying and selling.
Banque Misr: 47.35 pounds to buy, and 47.45 pounds to sell, an increase of 65 piasters for buying and selling.
Banque du Caire: 47.35 pounds to buy, and 47.45 pounds to sell, an increase of 65 piasters for buying and selling.
Commercial International Bank: 47.35 pounds to buy, and 47.45 pounds to sell, an increase of 75 piasters for buying and selling.
Al Baraka Bank: 47.35 pounds to buy, and 47.45 pounds to sell, an increase of 75 piasters for buying and selling.
Credit Agricole Bank: 47.40 pounds to buy, and 47.50 pounds to sell, an increase of 70 piasters for buying and selling.
Bank of Alexandria: 47.35 pounds to buy, and 47.45 pounds to sell, an increase of 75 piasters for buying and selling.
Suez Canal Bank: 47.35 pounds to buy, and 47.45 pounds to sell, an increase of 75 piasters for buying and selling.
Abu Dhabi Islamic Bank: 47.45 pounds to buy, and 47.55 pounds to sell, an increase of 55 piasters for buying and selling.
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