Thursday 12/December/2024 – 02:43 PM
The global investment bank, Goldman Sachs, expected to see an exchange rate Egyptian pound An increase against the dollar by early 2025, based on the decline in the volume of funds leaving the Egyptian market during the current period for seasonal reasons.
Goldman Sachs expects a near rise in the exchange rate of the Egyptian pound
The bank explained in a recent report that cash flows out of the Egyptian market, which were a source of great pressure on the pound during the past months, declined due to the decline in seasonal demand for the dollar.
According to the latest data, the exchange rate of the Egyptian pound declined against the dollar in Thursday’s transactions in Egyptian banks, reaching a new record level for the first time at 50.90 pounds against the dollar.
Dollar selling price
The selling price of the dollar was recorded at 50.90 pounds in Abu Dhabi Islamic Bank, Export Development Bank, the Banking Company Bank, and Ahli United Bank.
In Qatar National Banks, the selling price reached 50.88 pounds, while it was recorded at 50.87 pounds in the Arab Bank. As for the National Bank of Egypt and Cairo Banks, the selling price of the dollar reached 50.86 pounds, and in Banque Misr it was 50.85 pounds, while the lowest selling price was recorded in Abu Dhabi Commercial Bank. For 50.27 pounds.
After the price of the dollar exceeded the 50-pound mark during the past few days, Sahar El-Damaty, a banking expert, revealed that the dollar’s exchange rate in the banking market reaching 50 pounds is not a cause for concern, because Egypt applies the flexible price of the green currency.
Reasons for the movement of the dollar price
She said in a televised statement that the increase the price It is the result of the high demand for the dollar, indicating that there are a number of reasons that affected the price of the dollar, as all companies, banks and institutions agree to close their budgets this December, and this creates a demand for the dollar.
