Books – Ahmed Yaqoub
Thursday, March 14, 2024 12:38 PM
said Abdul Majeed Mohi El-Din, Chairman of the Board of Directors of Al-Ahly Exchange Company For the National Bank of EgyptToday, Thursday, the proceeds from selling foreign currency within the company’s branches amounted to 933 million pounds within a week, representing a 15-fold increase compared to the period before the decision to liberalize the exchange rate on March 6 of this month.
The Chairman of the Board of Directors of Al-Ahly Exchange Company added, in special statements to Youm7, that the company’s 89 branches are witnessing a significant increase in demand for the sale of various Arab and foreign currencies, which is an important indicator of the return of confidence in the Egyptian economy as a result of the new economic decisions, expecting that the foreign exchange proceeds will witness Significant growth in the coming period.
The Central Bank of Egypt affirmed its commitment to maintaining price stability in the medium term, and to achieve this, the Central Bank is committed to continuing its efforts to shift towards a flexible framework for targeting inflation, by continuing to target inflation as the nominal basis of monetary policy while allowing the exchange rate to be determined according to market mechanisms. Unifying the exchange rate is considered a very important measure, as it contributes to eliminating the accumulation of demand for foreign exchange following the closing of the gap between the official and parallel market exchange rates.
The Monetary Policy Committee decided, in its extraordinary meeting on March 6, to raise the overnight deposit and lending interest rates and the Central Bank’s main operation rate by 600 basis points to reach 27.25%, 28.25% and 27.75%, respectively. The credit and discount rates were also raised by 600 basis points to reach 27.75%.
Crowding in front of exchange offices
Demand for exchange offices
Heavy demand at exchange offices
Citizens at exchange offices to exchange foreign currencies
Citizens go to exchange offices to exchange foreign currencies
Transfers from Egyptians abroad (2)
Transfers from Egyptians abroad at exchange offices
Transfers from Egyptians abroad
Extreme crowding in front of exchange offices for Egyptians’ remittances abroad
A queue in front of exchange offices to receive money from Egyptians abroad
Remittances from Egyptians abroad gradually return to their rates
Exchange offices receive remittances from Egyptians abroad (2)
Exchange offices receive remittances from Egyptians abroad
Citizens in front of the exchange office to transfer foreign currencies from Egyptians abroad (2)
Citizens in front of the exchange office to transfer foreign currencies from Egyptians abroad (3)
Citizens in front of the exchange office to transfer foreign currencies from Egyptians abroad
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