We publish the price of the dollar in Egypt today, Thursday 3/21/2024, in the Central Bank of Egypt, according to the latest developments in currency rates in banks operating in the Egyptian banking market.
The price of the dollar today was as follows:
Today’s dollar price in the Central Bank of Egypt
Buy: 46.88 pounds
Sale: 47.01 pounds
Today’s dollar price in the National Bank of Egypt
Buy: 46.93 pounds
Sale: 47.03 pounds
Today’s dollar price in Banque Misr
Buy: 46.94 pounds
Sale: 47.04 pounds
Today’s dollar price in the Commercial International Bank CIB
Buy: 46.90 pounds
Sale: 47 pounds
The Monetary Policy Committee of the Central Bank decided in its extraordinary meeting 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 rates were also raised by 600 basis points. To reach 27.75%.
Mohamed Al-Etreby, Chairman of the Board of Directors of the Bank of Egypt and Chairman of the Federation of Egyptian Banks and the Union of Arab Banks, said that the decisions of the Central Bank will lead to the rapid disappearance of the parallel market, explaining that by liberalizing the exchange rate, banks can meet all requests from exporters and open all documentary credits.
He stressed that the Central Bank’s decisions will lead to the rapid disappearance of the parallel market. Al-Atreby also revealed that a foreign company deposited $25 million in the Bank of Egypt.
Alaa Farouk, President of the Agricultural Bank of Egypt, praised the decision of the Monetary Policy Committee of the Central Bank to raise deposit and lending rates and allow the market to determine the exchange rate, describing it as a decisive and positive step that will contribute significantly to eliminating speculation and the parallel market for foreign currency.
Farouk pointed out that the Central Bank’s measures will lead to an increase in the flow of foreign currencies into the banking sector, which will stimulate production, lead to the stability of commodity prices, and gradually reduce inflation rates, and this will encourage foreign direct investments, which will have positive effects on the overall economy and growth rates, as well as About increasing confidence in the Egyptian economy soon.
Experts believe that the primary goal of the decisions is to attract foreign direct investments, explaining that in light of the decline in domestic savings rates, foreign direct investments are vital to financing growth, because they enable the exploitation of available productive capacities in all economic sectors, and thus stimulate growth.
They stressed that this will create new opportunities for the business community, generate new job opportunities, and increase sources of sustainable foreign currency through the development and growth of export sectors of goods and services.
Experts pointed out that the Ras al-Hikma project deal, one of the largest direct investment deals in the history of Egypt, has strengthened confidence in the Egyptian economy and its ability to attract more direct foreign investments, and this will positively affect the exchange rate of the Egyptian pound against the US dollar and end speculation and the black market. By continuing to tighten monetary policy and withdrawing Egyptian pound liquidity from the markets through the central bank’s monetary policy tools, such as open market operations and raising interest rates, inflation will be curbed.
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