Stagnation in buying and selling.. What is the price of the dollar on the black market yet?

11:54 AM

Monday, March 4, 2024

Written by Manal Al-Masry:

The price of the dollar on the black market – the parallel market for currency speculation – stabilized at 39 pounds after a successive wave of collapse over the last 5 days from the announcement of the entry of the first batch of dollars into the deal to develop the city of Ras El Hekma, according to what the observer told Masrawy.

According to the observer, the movement of buying and selling the dollar among speculators on the black market stopped after the successive wave of collapse in order to take precautions in anticipation of the Central Bank’s move to officially reduce the price of the dollar in banks, and the ability of the banking sector to manage the currency.

Following Egypt’s announcement that the Central Bank received $10 billion from the Emirates on Thursday and Friday, which represents the value of the first installment of the Ras El Hekma development deal, the parallel price of the dollar began to decline sharply.

During the last 4 days, the price of the dollar on the black market lost about 15 pounds, falling from the level of 63.5 pounds to 39 pounds as of this morning’s trading.

The gap in the price of the dollar between the black market and the banks decreased to 26%, down from 73 pounds in previous times, as it is trading within the banking sector near 31 pounds, a price fixed at it since last March.

The price of the dollar on the black market reached above 73 pounds until the end of last January, before it began to decline after news circulated of the implementation of the largest Emirati investment deal in the city of Ras Al-Hikma, with a total of 35 billion dollars.

According to the details announced about the deal, within the next two months, Egypt will receive from the UAE, represented by Abu Dhabi Developmental Holding Company, the second installment worth $20 billion from the signing of the Ras El Hekma deal.

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