The price of the dollar witnessed a limited increase against the Egyptian pound during these moments of trading today, Monday, recording the highest levels, as it is heading towards 51 pounds in official transactions in Egyptian banks.
There is no float
For his part, Dr. Mustafa Badra, an economic expert, said that it is not possible to accurately predict the price of the dollar in Egypt until the end of this month, as it will be determined based on the supply and demand mechanism.
Badra added, during a phone call with the “Tahrir Hall” program on Sada El Balad channel, today, Monday, that the stability of the dollar price in the coming period depends on the rise in exports and remittances from Egyptians from abroad.
The economic expert explained that price stability does not mean fixing it at a certain level, but rather it may witness slight changes of 5% up or down, indicating that the price of the dollar is determined according to the flexible policy followed in the market, according to statements by Prime Minister Dr. Mostafa Madbouly.
Dr. Mustafa Badra said that the rise in the price of the dollar does not indicate a new floatation of the pound, but rather reflects the increase in demand for the dollar as the end of the year approaches, as competition for hard currency increases.
Reasons for the rise in the dollar
Mohamed Abdel-Al, a member of the Board of Directors of the Egyptian Gulf Bank, stated that the Egyptian pound is facing increasing pressure that has pushed it to exceed the level of 50 pounds against the dollar, as a result of several factors, most notably geopolitical tensions that negatively affect the morale of individual and foreign investors. He pointed out that the recent developments in Syria and the Levant region add more pressure to economic indicators in the region, especially since Egypt is at the heart of these events.
Abdel-Al also added that the strength of the dollar globally has increased the challenges facing the Egyptian pound, in addition to the state of anticipation for the results of the fourth review of the International Monetary Fund program, which raised questions about the possibility of disbursing a payment worth $1.3 billion. He expected the price of the dollar to move sideways between 50 and 50.75 pounds in the coming days, with the possibility of a breakthrough if the new batch is approved and support for requests for foreign trade continues.
In the long term, Abdel-Al believes that the price of the dollar may range between 50 and 52 pounds in the first half of 2025, provided that foreign cash flows improve, the balance of supply and demand, the return of revenue growth from the Suez Canal, and the acceleration of the government proposals program.
The dollar today against the Egyptian pound
The highest official price for the dollar was recorded today in Egypt at Abu Dhabi Islamic Bank, where it reached the level of 50.67 pounds for purchase and 50.77 pounds for sale, at 12:30 noon Cairo time.
In other banks, such as the National Bank of Egypt, the largest government bank in Egypt, the price of the dollar reached 50.62 pounds for purchase, and the selling price at 50.72 pounds.
