The dollar has retreated quietly against the Egyptian pound to new record levels, while the US currency is on the verge of 60 pounds, after rising more than 2.83 pounds against the Egyptian currency today.
Speculation on the US currency erupted after the door was opened for the purchase of high-yield certificates from the National Bank and the Bank of Egypt, which raked in more than £205 billion last Thursday.
Bank of Egypt President Mohamed El-Atrbi said in previous statements that the bank will continue to receive requests to purchase new certificates until the beginning of next February.
Interestingly, the new certificates, with a yield of up to 27%, coincided with the expiration of the previous certificates, offered last January with a yield of up to 25%, some of which expired on January 25, and raised more of £500 billion. The door was open to purchase one-month certificates during the past year. At current purchasing rates, the figure could rise to £800 billion.
Some economists have expressed their fears about the expiry of the 25% certificates, which will free up a lot of liquidity and their negative impact on dollarisation, but it seems that many clients of the certificates have preferred safety and have subscribed to alternative certificates, the yield which has risen to 27%, but the parallel dollar market continued to see a significant increase, as the buying price exceeded 56 pounds and the selling price exceeded 56.5 pounds per dollar.
This is compared to the Central Bank’s official market rates, which range between £30.7 and £31.
The price of a gram of 21-carat gold rose for the first time in its history to the level of 3,425 pounds, confirming the depth of the currency crisis Egypt is experiencing, considered the most difficult in recent decades.
The dollar exchange rate in the parallel market varied between 56.5 and 59 pounds, depending on the region and quantities.
While the reflection of the image in the gold mirror was more accurate, as the exchange rate of the goldsmith’s dollar reached 59.67 pounds, separating it by several plates from the 60 pound level.
The price of a gram of 24-carat gold reached £3,914 and the gold pound topped £27,000.
The increase in the price of the US currency against the Egyptian pound coincides with the news that many companies and shipping companies have stopped sailing through the Red Sea, which will negatively affect the revenues of the Suez Canal.
2024-01-16 13:50:14
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