The price of the dollar in banks continued to stabilize during the second day of the banking sector holiday, Saturday, August 12, 2023, in light of movements taking place in the parallel market in relation to the exchange rate, affected by expectations of the state taking a new decision regarding the devaluation of the pound.
The price of the dollar on the black market
The price of the dollar on the black market ranges between 41 pounds to 42.5 pounds, and it varies from one region to another.
The price of the dollar today, Saturday, in banks
The price of the dollar today, Al-Fajr newspaper is keen to provide a service to its readers by publishing the price of the dollar today, Saturday, August 12, 2023 in banks and exchange offices, so the price of the dollar today came as follows…
The price of the dollar in Banque Misr
The price of the dollar today, in Banque Misr, recorded 30.75 pounds for purchase, and the selling price reached 30.85 pounds.
The price of the dollar in the World Bank
And the price of 30.85 pounds for purchase was recorded in the Commercial International Bank, and 30.95 pounds for sale.
The price of the dollar in Abu Dhabi Bank
Today, the dollar in Abu Dhabi Islamic Bank recorded a purchase price of 30.90 pounds, while the selling price reached 30.95 pounds.
The price of the dollar in the Suez Canal Bank
The price of 30.85 pounds for purchase was recorded in the Suez Canal Bank, and 30.95 pounds for sale.
The price of the dollar in the Bank of Alexandria
As for the price of the dollar today in the Bank of Alexandria, it recorded a price of 30.85 pounds for purchase, and the selling price reached 30.95 pounds.
The price of the dollar in Qatar National Bank
A purchase price was recorded in Qatar National Bank, QNB, at 30.85 pounds, while the selling price reached 30.95 pounds.
The price of the dollar in the National Bank
The price of the dollar during official dealings today, Saturday, in the National Bank of Egypt, recorded 30.75 pounds for purchase and 30.85 pounds for sale.
The price of the dollar after raising the interest rate
And the Monetary Policy Committee of the Central Bank of Egypt decided, in its meeting, on Thursday, August 3, 2023, to raise the rates of the one-night deposit and lending return and the price of the main operation of the Central Bank by 100 basis points, to reach 19.25%, 20.25% and 19.75%, respectively, as was done. Raising the credit and discount rate by 100 basis points, to reach 19.75%.
Gold Billion explains the reasons for the rise in gold prices today
Local gold prices witnessed a record high during trading today, Friday, to record an increase of 140 pounds per gram of approximately 21 karat in less than 12 hours, after fluctuating in a narrow range of trading for more than a month, amid complete disregard for the decline in global gold prices.
The price of 21 carat gold, the most common today, Friday, at the time of writing the report, recorded 2320 pounds per gram, which is the highest level it has recorded since last June 12, after it opened today’s session at the level of 2180 pounds per gram, to record an increase of approximately 6.4%, by 140 pounds per gram.
This comes after a long series of trading confinement between the levels of 2150-2175 pounds per gram of 21 carat.
At the same time, we find that the global gold price is trading today at its lowest level in 5 weeks, as the global ounce price recorded the lowest level at $1913 an ounce, so that gold has lost approximately $30 since the beginning of the week, down by 1.6%.
There are a number of reasons that led to the significant rise that we saw in the local gold prices today, which proved that they were not affected by changes in the global price, whether during today’s trading or during the last period that witnessed fluctuation in a weak range, regardless of the rises and falls recorded by the global gold price.
The reasons for the rise in gold prices today in Egypt:
– Moody’s, the global credit rating agency, announces a review of Egypt’s credit rating with the aim of downgrading it. It is noteworthy that Moody’s downgraded Egypt’s credit rating 3 months ago to reach the current credit rating at B3, which is 6 degrees lower than the investment grade rating.
– The American Citigroup Corporation lowers its optimistic view of Egyptian bonds due to the government’s weak progress in the file of selling government assets, and that it may not be sufficient to avoid economic risks.
– Egypt’s dollar debt instruments during the month of August were among the worst performing in emerging markets, losing 3%, after a good performance during the past month, after the government announced the sale of assets worth $1.9 billion.
The International Monetary Fund agreed to postpone its first review until mid-September.
– The previous factors were considered by market participants to be ready for a new flotation or reduction in the exchange rate of the pound against the dollar.
– The rise in the exchange rate of the dollar in the parallel market after a long period of stability, which reflects the growing fears and uncertainty in the markets.
– The demand for bars and gold coins has increased recently, in addition to the average demand for gold artifacts, after suffering for months from weak demand for artifacts.
The aforementioned factors, together, increased pressure on the local gold markets, increased tensions, and returned fears to the markets.
Now, the liquidity has returned to the gold markets again, in addition to the rise in the price of the dollar in the parallel market, and thus the pricing of gold has increased accordingly, so that gold is currently priced in the markets at an exchange rate close to 43.45 pounds per dollar.
Also, the violent changes in gold prices today may be a result of interventions by gold makers in the markets to restore movement to the gold markets after a long period of stability and volatility, and are not due to supply and demand and the logical pricing of the market, especially in light of the decline in gold prices globally.
