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Egypt.. a new blow to the dollar on the black market

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The Egyptian government and the Central Bank activated several mechanisms that dealt a severe blow to the dollar on the black market.

A statement from the Federation of Chambers of Commerce this morning added: “Factories are operating at full capacity to increase the supply of goods in the markets and stoke competition, which coincides with the early opening of the Welcome to Ramadan exhibitions in the governorates and the offer of a large number of goods at a discount.”

In a statement, the federation confirmed that demand is being significantly reduced by withdrawing excess liquidity from the markets, offering National Bank and Banque Misr certificates with an unprecedented annual return of 25%, and providing a safe store of value for citizens instead of risking dollar speculation.

He confirmed that someone who bought a dollar on the black market for speculation and then got rid of it suffered losses because the price on the black market fell by about 10 pounds in a week to get closer to the official price in banks.

Dr Alaa Ezz, secretary general of the Federation of Chambers of Commerce, said there were queues and rush yesterday Friday to buy certificates at Al Ahly and Egypt bank branches so that the sale of 25% of the certificates so far exceeded £65 billion sterling.

In a statement, Ezz added that banks opened a number of branches over the holidays and many citizens converted dollars bought in the past into the national currency, the Egyptian pound, to buy certificates.

The Secretary of the Union attributed the high demand for the purchase of certificates to the expectation of the end of their issuance at any time and the fall in the price of the dollar to its previous level after the public holidays next Monday, as well as to incur additional costs. losses.

He added that this coincided with an ongoing state of total dollar black market paralysis, with massive offers to sell without a buy request leading to a parallel price cut to start approaching the official price of £27.16, to the Central Bank when banks closed on Thursday evening.

He explained that on the supply side, goods produced in the last month have begun to be offered, and they have exceeded $6.8 billion, and factories have returned to full capacity, so competition between manufacturers and importers will return, leading to price stability in the coming days. with the successive opening of the “Welcome to Ramadan” exhibitions that took place earlier. It is based on the directives of President Al-Sisi and is being implemented through chambers of commerce in cooperation with the Ministry of Supply and Internal Trade, the Ministry of Trade and Industry, the Ministry of Local Development and the province, all of which will start operating in January and will cover more than 200 outlets in various governorates. in addition to hundreds of mobile outlets that will move villages and villages, and integrate with the outlets of the Ministry of Supply and Internal Trade, the Ministry of Agriculture, the Ministry of Defense and the Ministry of the Interior in order to provide discounted goods to all Egyptians.

He explained that based on yesterday’s meeting with the Minister of Supply and Domestic Trade, supply chain mechanisms have been established for these outlets, either directly through manufacturers who offer discounts of 20% to 30%, or through wholesale companies associated with the Ministry, which reaches all provinces of Egypt, and an inventory is being carried out. Supply needs of each outlet in each province to offer rice starting at 14 pounds and going up to 18 pounds depending on the percentage of fraction, sugar from 14 pounds, pasta from 12.5 pounds, canned beans 27 pounds, yellow lentils 34 pounds and butter from 38 pounds to 47 65 Egyptian pounds, depending on the type, local frozen poultry, 79 Egyptian pounds, frozen Brazilian meat, 115 Egyptian pounds, chilled Sudanese meat, 140 Egyptian pounds, local meat and a box of eggs for 72 Egyptian pounds.

He emphasized that all these mechanisms, as well as the widespread availability of discounted goods with mandatory price announcements, will lead to price stability in all markets.

Source: RT

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