The dollar continues to rise.. Important numbers from the Central Bank.. and the pumping of 17 billion dollars to support tourism.. Welcome to Wednesday’s news harvest
Starting with the banking sector and the price of the dollar, which continued to rise against the pound during today’s trading, Wednesday, November 13, reaching 49.38 pounds in a number of banks, compared to 49.22 pounds at the beginning of today’s trading.
The price of the dollar at Abu Dhabi Islamic Bank, Suez Canal Bank, Next Bank, Arab Banking Company, Ahli United Bank, and Faisal Islamic Bank recorded 49.29 pounds for purchase and 49.38 pounds for sale.
While the price of the dollar rose at Credit Agricole Bank and the Commercial International Bank to record 49.27 for purchase and 49.37 for sale, and at the Commercial International Bank and Qatar National Bank it recorded 49.29 for purchase and 49.36 for sale.
The price of the dollar at the National Bank of Egypt, Banque Misr, and United Bank recorded 49.24 for purchase and 49.34 for sale.
We go to the Central Bank of Egypt, which revealed that the value of payments executed between banks in local currency on the real-time settlement system reached 232.217 trillion pounds during the period from January to October 2024, for about 2.075 million transactions.
The number of transactions during the month of January alone reached 202.6 thousand transactions, worth 20.6 trillion pounds, while the number of transactions during the month of February recorded about 203 thousand transactions, worth 24.3 trillion pounds.
Transactions during March reached 213.7 thousand transactions worth 25.5 trillion pounds, about 192.2 thousand transactions during last April worth 21.667 trillion pounds, and about 206.209 thousand transactions worth 21.557 trillion pounds during May alone.
Transactions during June amounted to 175.5 thousand transactions worth 16.898 trillion pounds by the end of June 2024, and about 222.8 thousand transactions worth 25.281 trillion pounds during July alone, and about 206.2 thousand transactions worth 23.3 trillion pounds by the end of August, and 219.094 thousand transactions worth 26.543 trillion pounds, and 234.266 One thousand transactions worth 26.472 trillion pounds.
We go to Mohamed Fahmy, Assistant Minister of Tourism and Antiquities and General Supervisor of the Tourism Support Fund, who said that 5 banks initially agreed to pump 17 billion pounds into the initiative to support the tourism sector after the ministry’s approval, with the aim of establishing hotel rooms.
He added in press statements that the banks are the National Bank of Egypt, Egypt, Commercial International, Suez Canal, and Med Bank.
The Central Bank of Egypt revealed the determinants of the Council of Ministers’ approval to issue a new initiative to support the tourism sector, funded by the Ministry of Finance and in coordination with the Ministry of Tourism and Antiquities, at an amount of 50 billion pounds.
This is within the framework of meeting the needs of companies operating in the tourism sector and seeking to increase the capacity of hotel rooms.
We go to engineer Matta Beshai, head of the Internal Trade Committee of the Importers Division of the General Federation of Chambers of Commerce, who welcomed the decision of the Central Bank of Egypt to direct banks to provide dollars to finance all non-essential goods accumulated from 2022 and 2023 and from the beginning of 2024 until now.
He explained that this directive is the first in two months to oblige banks operating in Egypt to obtain dollars for documentary credits for the import of non-essential goods whose import requires prior approval, according to the dollar centers in each bank.
Matta Bishai added that the Central Bank obligated banks operating in the Egyptian exchange market in March 2022 to stop financing any commodity from a list of 13 non-essential commodities, unless they have addressed it and responded to them with approval or postponement.
