The price of the dollar on the black market collapsed completely in today’s trading, Monday 3/4/2024, getting closer little by little to the official price with the paralysis and cessation of transactions.
The price of the dollar on the black market today
The price of the dollar on the black market today, Monday, ranges between 34-35-36 pounds, coinciding with the Central Bank of Egypt approaching the announcement of the size of the cash reserve balances, which comes after the entry of about 10 billion dollars from the Ras al-Hikma deal.
The Federation of Industries confirms that the Central Bank of Egypt has begun providing dollars to importers
The Federation of Egyptian Industries revealed that the Central Bank of Egypt began today, Sunday, to provide financial credits for the release of goods at customs in accordance with the directives of the Egyptian government, after the first batch of Ras al-Hikma investments flowed to the Central Bank.
Mohamed El-Bahi, a member of the Federation of Egyptian Industries, said that the Central Bank of Egypt has begun providing dollars for priority Egyptian imports for release from customs.
A member of the Board of Directors of the Federation of Egyptian Industries pointed out that the increase in the rates of dollar financial liquidity available for imports will lead to a decline in commodity prices in the Egyptian market and a decline in the price of the dollar in the free market.
Foreign exchange reserve
The Central Bank of Egypt will announce within days the size of foreign exchange reserve balances in our system, the entry of about $10 billion from the Ras El Hekma deal in two batches, $5 billion from each batch.
In the latest statement, the Central Bank of Egypt announced that foreign exchange reserves had increased by about $30 million by the end of January to $35.25 billion.
Egypt’s foreign reserve consists of a basket of major international currencies, including the US dollar, the single European currency euro, the British pound, the Japanese yen, and the Chinese yuan. It is a percentage of which Egypt’s holdings are distributed based on the exchange rates of those currencies and the extent of their stability in international markets, and it changes according to a plan drawn up by Officials of the Central Bank of Egypt.
The main function of the foreign exchange reserve at the Central Bank, with its components of gold and various international currencies, is to provide basic goods, pay installments and interests on foreign debts, and confront economic crises, in exceptional circumstances, with resources from sectors generating hard currency being affected.
The price of the dollar in Egyptian banks today
The Banker website provides a service that includes publishing currency rates in all Egyptian banks and the banking market, and includes an immediate update of prices if they change. Where the price of the dollar is recorded in banks:
The price of the dollar in the Central Bank of Egypt
The price of the dollar against the Egyptian pound in the Central Bank of Egypt recorded a price of 30.83 for buying and 30.96 for selling, at the beginning of transactions within banks.
The price of the dollar in the National Bank of Egypt
The price of the dollar against the Egyptian pound in the National Bank of Egypt recorded a price of 30.75 for buying and 30.85 for selling, at the beginning of transactions within banks.
The price of the dollar in the Bank of Egypt
The price of the dollar against the Egyptian pound in Banque Misr recorded a price of 30.75 for buying and 30.85 for selling, at the beginning of transactions within banks.
The price of the dollar in the Commercial International Bank CIB
The price of the dollar against the Egyptian pound at CIB Bank recorded a price of 30.85 for buying and 30.95 for selling, at the beginning of transactions within the banks.
The price of the dollar in the Bank of Cairo
The price of the dollar against the Egyptian pound at the Cairo Bank recorded a price of 30.85 for buying and 30.95 for selling, at the beginning of transactions within banks.
The price of the dollar in Abu Dhabi Islamic Bank
The price of the dollar against the Egyptian pound in Abu Dhabi Islamic Bank recorded a price of 30.90 for buying and 30.95 for selling, at the beginning of transactions within banks.
The price of the dollar in Al Baraka Bank
The price of the dollar against the Egyptian pound at Al Baraka Bank, the price recorded 30.85 buy and 30.95. Sale, at the beginning of transactions within banks.
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