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Egypt.. The Central Bank published a statement on the dollar exchange rate in the country

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The Central Bank of Egypt released a statement on the Egyptian pound exchange rate, confirming that the Egyptian foreign exchange market saw a positive movement, as the dollar fell below 29.61 pounds by the end of today’s trading.

Egypt’s central bank said the dollar fell after climbing to 32 pounds last Wednesday, indicating it has covered more than $2 billion in requests from Egyptian importers in the past three days, in addition to covering other requests from Egyptian bank customers, which it confirms. the ability of the banking sector to cover management requests Currency outstanding for importers in the shortest possible time.

The central bank added in a statement that it was monitoring a group of positive indicators in the foreign exchange market, represented by a significant increase in banks’ foreign exchange earnings, whether in the local market or in remittances from Egyptians abroad.

The central bank said the tourism sector has boosted dollar revenues, in addition to monitoring foreign investors entering the Egyptian market again since last Wednesday for amounts in excess of $925 million.

Indicators have revealed a significant surge in interbank trading volumes in recent days, as trading volumes have increased more than 20 times compared to recently recorded daily volumes.

The Central Bank indicated that banks encourage transactions with derivative financial instruments in the foreign exchange market in order to provide comprehensive financial services that allow bank customers to hedge the risks associated with exchange rate fluctuations.

It is noteworthy that the volume of cash reserves in foreign currency in December increased by $470 million and reached $34 billion compared to $33.53 billion at the end of November. to the country’s external debt – $5.1 billion in November and $1 billion in December.

Source: RT

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