The dollar falls in Egyptian banks after suffering a “triple blow”

The exchange rate of the dollar fell today, Thursday, in Egyptian banks to below the level of 48 pounds, in light of 3 main factors.

The decline came due to an increase in remittances from Egyptians from abroad, with Egyptians seeking to sell dollars in Egyptian banks, and ongoing security strikes on currency barons on the black market, amid expectations that the dollar will continue to fall in the coming period.

The “Seventh Day” website stated that the security strikes played an important role in eliminating the parallel (black) banking market, as the efforts of the public security sector in cooperation with the General Administration for Combating Public Money Crimes and the Security Directorates succeeded within 24 hours in controlling a number of “trafficking” cases in Various foreign currencies with a financial value of approximately 120 million pounds.

The statements of Egyptian Prime Minister Mostafa Madbouly about completing the path of economic reform also confirmed the restoration of full confidence, providing the required foreign exchange resources, and attracting foreign investments.

Last week, the Central Bank of Egypt decided to liberalize the exchange rate of the pound against the dollar, and also raised the interest rate by 600 basis points once, in a move aimed at eliminating the price gap between the black market and banks with the aim of unifying the exchange rate.

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