Written by Hani Al-Houti
Friday, March 15, 2024 03:00 PM
to retreat dollar price The value of the Egyptian pound at the Central Bank was 1.58 pounds for purchase, reaching 47.76 pounds for purchase and 47.90 pounds for sale at the end of this week’s transactions, compared to a price of 49.34 pounds for purchase and 49.44 pounds for sale at the end of last week.
This comes a week after the decision Egyptian Central Bank Implementing a flexible exchange rate system, which resulted in an increase in the volume of remittances from Egyptians abroad, and those holding the dollar waiving it through official channels due to the lack of difference between the official price and its price in the parallel market. Indirect foreign investment flows also began to return again, whether in government debt instruments. Or in the money market.
The Central Bank obtained dollar flows from the first batch of the deal to develop the Ras Al-Hikma area, which amounted to $10 billion, in addition to a waiver of $5 billion in UAE deposits. The Central Bank is scheduled to receive another $16 billion within less than two months, in addition to the waiver. 6 billion dollars from UAE deposits, in addition to that, the Central Bank will receive the first tranches of the International Monetary Fund loan, the value of which increased from 3 to 8 billion dollars.
It is also expected that the Central Bank will obtain more than a billion dollars from the Environmental Sustainability Fund of the International Monetary Fund, and more than 8 billion dollars from the World Bank and the European Union, and a delegation from the latter is expected to visit the country in the coming days to agree on the form of foreign exchange flows provided to Egypt. .
The government is focusing on using foreign exchange flows to release the goods accumulated in the ports, the most important of which are basic commodities, raw materials and production requirements, and to pay the dues of foreign partners to encourage them to expand production from oil fields, in addition to paying international obligations.
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