23 February, 2024
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Dollar rate in Egypt’s black market sees sudden, significant decline

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The dollar price at the black market for currency speculation (the unofficial market) witnessed a significant decline by about five pounds during Thursday’s trading – the first time in a month.

Experts explained that the dollar price fell to about 47 pounds during Thursday’s trading compared to about 52 pounds during Wednesday due to the sharp decrease in purchase orders for it, according to the Masrawy website,

During November, the dollar recorded successive jumps in black market transactions, reaching 52 pounds due to a sudden increase in demand for its purchase in exchange for a shortage in supply in banks and ATMs.

The sources added that the movements of the price of the dollar on the black market, whether rising or falling, are strongly affected by the size of the sudden demands for it.

The higher the demand, the higher the price, or vice versa.

Banks are facing severe pressure from a shortage of foreign exchange after the exit of indirect investments worth US$22 billion in the middle of last year due to the ramifications of the Russian-Ukrainian war.

Thus, the gap in the dollar exchange rate between the black market and the banks decreased to about 16 pounds, as it recorded in the banking sector around 31 pounds, a fixed rate, since last March.

The price of the dollar rose against the pound by about 96 percent, after three waves of devaluation of the pound – bringing the dollar price from 15.76 pounds on March 20, 2022 to about 30.94 pounds now, which has remained stable.

The post Dollar rate in Egypt’s black market sees sudden, significant decline appeared first on Egypt Independent.

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