The end of the wild dollar… and the New Century Project in Mokattam… and the Central Bank’s intention after canceling the March meeting

Dear followers everywhere, welcome to a new analysis of the most important reports presented by Banker platforms throughout the day, Thursday, March 21, 2024.

Starting with the Central Bank and banks operating in Egypt, and the continued decline in dollar prices at the end of Thursday’s trading, to below 47 pounds, specifically 46.60 pounds, after reaching the maximum increase after the floatation decision of 51 pounds.

Over the past few days, dollar prices have witnessed a continuous decline in dollar prices since the time of the Egyptian Central Bank’s decisions to liberalize the currency rate and raise the interest rate until the beginning of today’s trading, Thursday, with experts expecting the dollar to continue to fall in the coming period and it is expected to reach less than 38 pounds, according to supply and demand for the American currency. The dollar is widely available in the market and cash flows increase.

We begin with a very important report on the effects of the Fed’s decision on Egypt and the position of the markets and prices of gold and the dollar

The report said that there are certainly large and important sectors that are affected by the US Federal Reserve’s decision regarding interest rates, and one of the most important sectors is, of course, gold, which witnessed a significant global rise after the announcement of the central bank’s decision. For the first time in a long time, the price of an ounce jumped above $2,200, and further increases are expected. In the event that the Federal Reserve lowers the interest rate in its upcoming meetings

Of course, the global rise in the price of gold will certainly be heard in Egypt, because one of the most important determinants of gold prices in our country is the global price, which is calculated according to the price of the dollar, and even after the black market has been largely eliminated, the price of the dollar in banks is still not low, and thus the price of a gram will rise significantly. During the coming period

According to the report, of course, there are many sectors that will be affected, such as oil, and oil prices are expected to rise somewhat in the coming days, and the prices of grains and wheat globally will also rise, and all of this will have a strong impact on the prices of food commodities and many other prices.

Banker platforms presented a different report on Egyptian treasures, which the state is excavating and restoring to its luster after 1,000 years in a project that will turn the tide of tourism in Egypt.

The report said that one of Egypt’s most important treasures and sources of income is tourism, which brings in hard currency, and we saw how the numbers have jumped in the recent period and are expected to bring in $30 billion in the coming years.

The report highlighted the Minister of Tourism’s statement regarding the development of the cemeteries of the Companions, the Prophet’s family, the righteous, and the mosques in the Mokattam area. Everyone thought it was a project to restore and salvage historical cemeteries, but in reality, this is the project of the century in tourism, and it creates a new and great resource for foreign currency and attracts millions of religious tourists every year.

The project is very huge, and the area, after development, will remain like Hussein and Al-Azhar, full of historical and archaeological mosques dating back a thousand years, and it contains historical shrines, domes, and tombs of major companions. All of this group is located at the foot of Mount Mokattam and is listed on the UNESCO list.
It is expected that after developing the area, and the details of which President Sisi is personally following, it will become a source of attraction for millions of tourists to the pristine tourist area, and because of the historical artifacts in the place and its uniqueness with new antiquities, it will make it a destination for religious tourism in the entire region, and the project is expected to bring in billions of dollars every year.

Banker platforms presented a special report today on the Central Bank’s steps after canceling the Monetary Policy Committee meeting and stabilizing the interest rate.

As we know, the Central Bank of Egypt suddenly decided yesterday to cancel the meeting that was scheduled for the Monetary Policy Committee on Thursday, March 28, 2024. This, of course, was after the extraordinary meeting of the committee on March 6 was satisfied, which issued historic decisions, such as liberalizing the exchange rate of the pound according to supply and demand mechanisms. The interest rate was also raised for the first time by 6% once.

The report added that until now, and by a large percentage, there will be no increases in interest rates during the coming period, and this is because the committee raised the interest rate in the extraordinary meeting by 600 points once, and this is the highest interest rate that has occurred in the history of the banking sector, and therefore the Central Bank must leave an opportunity and give the markets a long time to absorb it. This large increase is also expected to indicate that inflation will begin a downward curve with a possible and expected decline in the prices of basic commodities after the foreign currency shortage crisis is resolved.

The report explained the role and function of the Monetary Policy Committee at the Central Bank and said that it consists of 7 members, namely the Governor of the Central Bank and his two deputies, along with 4 members of the Board of Directors, and decisions related to monetary policy are taken through the committee.

The committee meets on Thursday every 6 weeks, and the timetable for its meetings until the end of the year will be announced on the Central Bank’s website.

Economic and financial reports and studies prepared by the Monetary Policy Unit of the Central Bank of Egypt are presented to the Monetary Policy Committee. The studies include the latest local and global developments. All risks associated with the potential for inflation are assessed before a decision is taken. At the local level, a group of the most important of which is inflation, interest rates, and monetary and credit developments. , asset prices and real sector indices.

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