Books – Masrawy:
Dr. revealed Naji Farag, Advisor to the Minister of Supply for Gold Affairs, the fate of the price of a gram of gold, after the decisions of the Central Bank this morning.
Faraj told Masrawy: The price of the dollar is currently not stable, but a gram of gold will not exceed 3,000 during the coming short period.
Today, the Central Bank of Egypt decided to allow the exchange rate of the pound to be determined according to market mechanisms.
The Central Bank of Egypt also announced a 6% all-time increase in interest rates on deposits and lending. The central interest rate rose after the increase to 27.25% for deposits and 28.25% for lending.
Faraj added: The recent decisions to raise the interest rate, liberalize the dollar exchange rate, and open the credit card limit will lead to price stability despite the global rise in gold.
He explained: A gram of gold will stabilize at a range of 2,700 to 2,800 pounds per gram, even though the global price has reached $2,130 per ounce.
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