Egypt.. Dollar paralyzed on the black market

Thursday evening and Friday morning witnessed a state of complete black market paralysis in foreign exchange, with massive offers to sell, without the slightest buying demand, which led to a parallel decline in the price of the dollar.

Federation of Chambers Secretary-General Alaa Ezz said this came after a collapse in demand from the private sector due to successive releases made by the government and banks over the past period that exceeded $6.8 billion, coinciding with an increase in net cash reserves. $470 million in the month of December, when the National Bank and Banque Misr offered certificates with an unprecedented annual return of 25%, which attracted those who are looking for safe savings instead of speculating in dollars, which prompted those who bought dollars on the black market for the purpose of speculation to get rid of them after reaching a loss due to a black market price drop of around £10 a week.

In his statement, he indicated that with the opening of a large number of Banque Misr and National Bank branches during the holidays to issue 25 percent certificates, it is expected that those who speculated and lost at the dollar to pound conversion rate to buy certificates during the holidays at a price closing on Thursday, 27.16 pounds. For the dollar, expect the price to fall to its previous level after the public holidays next Monday and bear additional losses.

He stressed that the integration of monetary, financial and commercial policies, the use of innovative mechanisms by the Central Bank to reduce inflation, and the successive releases of production requirements and goods will have a clear impact on price stability in the coming short period and are under development. corresponds to many initiatives of the government, represented by the Ministry of Supply and Domestic Trade, as well as the Ministry of Trade and Industry, the Ministry of Agriculture, the Federation of Chambers of Commerce and the Federation of Industry, to provide discounted goods during the transition period. period as a practical example of public-private partnership for citizens.

Source: RT