The two exchange companies affiliated with the National Bank of Egypt succeeded.Al Ahly ExchangeAnd the Bank of Egypt (Misr Exchange), has attracted more than 3 billion and 75 million pounds from the proceeds of concessions on foreign and Arab currencies in favor of the Egyptian pound, since the liberalization of the exchange rate on March 6 (11 days).
The head of Al-Ahly Exchange Company, Abdul Majeed Mohieldin, said – in a statement to the Middle East News Agency – that the proceeds of concessions on foreign and Arab currencies in favor of the Egyptian pound amounted to one billion and 775 million pounds, as of the end of work yesterday.
Mohieddin explained that 65% of the total proceeds were from the dollar, and other currencies came in second place, such as: the Saudi riyal, the Emirati dirham, and the European currency “the euro,” and the rest were from less frequently traded currencies.
In the same context, the head of the “Egypt Exchange” Company, Adel Fawzi, revealed – in a statement to the Middle East News Agency – that the proceeds of concessions from foreign and Arab currencies in favor of the Egyptian pound exceeded one billion and 300 million pounds at the end of yesterday’s work, since the Central Bank’s recent decisions on 6 March, during the past 11 days.
Fawzi explained that the dollar accounts for the largest share of concessions at a rate of 65%, followed by the euro at a rate of 18%, then the Saudi riyal at a rate of 14%, then the British pound at a rate of 1.4%, then the UAE dirham at a rate of 1%, then the rest of the other currencies at a rate of 1.5%. %.
He said that there is a strong desire on the part of the public to give up foreign and Arab currencies in favor of the Egyptian pound, because there is one acceptable price at which transactions can be made, and thus it works to stabilize the currency exchange market and eliminate the parallel market.
It should be noted that the price of the dollar in the National Bank of Egypt recorded 47.27 pounds for purchase and 47.37 pounds for sale. In the Bank of Egypt, the price of the dollar recorded 47.25 pounds for purchase and 47.35 pounds for sale.
The Monetary Policy Committee of the Central Bank decided, in its extraordinary meeting on March 6, to raise the overnight deposit and lending 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 rate was raised by 600 basis points to 27.75%.
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