Egyptian Prime Minister Mostafa Madbouly stated that the exchange rate of the Egyptian pound will depend on supply and demand mechanisms in the market.
We will not repeat the fixation error, but it may move in a range of 4-5% up or down.
Dr. Mostafa Madbouly, Prime Minister, made it clear that we will not repeat the mistakes made in the past. There was a belief that stabilizing the exchange rate strengthened the state’s capacity, but this approach resulted in problems. As a result, the liberalization of the exchange rate led to a significant increase of up to 40%.
Dollar price
Dollar trading against the Egyptian pound closed at levels of 49.5400 pounds to the dollar in the Forex market. According to the range of the move, the maximum rise may be 51.5261 pounds per dollar, and the minimum may be 47.5584 pounds per dollar.
At the Central Bank, the dollar recorded at the end of trading on Thursday the level of 49.5278 for buying, and the level of 49.6661 for selling. By the end of Wednesday’s trading, the price of the dollar had recorded a level of 49.6025 pounds for buying, and a level of 49.7415 pounds for selling.
The price of the dollar in Egypt declined in official transactions at the Central Bank at the end of trading on Thursday, as this comes with news about Egypt’s intention to issue treasury bills in dollars, in addition to Qatar’s interest in establishing an investment project on Egypt’s northern coast that may be similar to the UAE’s Ras al-Hikma project.
Offering treasury bills in dollars
Sources revealed to Al-Arabiya newspaper that the Central Bank of Egypt plans to issue dollar-denominated treasury bills worth between $900 million and $1 billion during the next week. This offering follows a similar issuance on November 11, where Egypt raised $1.57 billion in one-year dollar bills with an average yield of 4.5%.
Supply and demand are what determine the price.. Government sources: Madbouly’s statements about the dollar were misunderstood
High-level government sources said that Prime Minister Dr. Mostafa Madbouly’s statements regarding the dollar were misunderstood.
The sources added that Madbouly’s speech does not mean that the dollar will rise, but rather that the Prime Minister means that the policy of supply and demand is what governs the exchange rate.
The sources indicated that we may see the price of the pound rise or fall against currencies according to supply and demand.
She continued: Egyptian banks arrange the dollar for companies and individuals easily and conveniently, and there are no crises at all.
