This week, the price of the dollar in Egypt on the black market witnessed strong and unprecedented jumps, the most prominent of which was suggested by a number of bankers to be the decision of the Central Bank of Egypt regarding the scope of the use of bank cards in dollar transactions.
In statements to Al-Fajr, experts added that the price of the dollar was also affected by the Central Bank’s decision to stop the use of debit cards outside the country due to high demand.
The week before last, he announced directives to banks operating in Egypt to restrict the use of direct debit cards issued in local currency for use within Egypt’s borders only.
Experts pointed out that among the factors that strengthened the “dollar revolution” were the approaching conduct of the two postponed reviews of the financing program agreed upon with the International Monetary Fund, which is expected to coincide with a reduction in the official exchange rate of the pound, in addition to the geopolitical tensions that flared up in the region with the continuation of the war in In the Gaza Strip, some are trying to hedge against an expected decline in the value of the currency by buying the dollar as a safe haven.
In the same context, data showed that the price of the dollar in Egypt witnessed 3 prices against the Egyptian pound, which we monitor in the following report:
1- The price of the dollar in the gold market
The price of gold in Egypt has increased significantly over the past few days in conjunction with the rise in global prices, and the rise of the dollar on the black market as well.
During these moments of today’s transactions in Egypt, an ounce of gold reaches the level of 91,878 Egyptian pounds, while the price of an ounce globally is about 1,977 dollars, which means that the dollar is valued in the gold market at about 46.5 pounds.
2- 1- Certificates of deposit of the Commercial International Bank
The London-listed securities of the largest bank listed on the Egyptian Stock Exchange indicate a record rise for the dollar against the Egyptian pound during the past few days and in conjunction with the Central Bank’s decision regarding the scope of the use of bank cards in dollar transactions.
Certificates of deposit of the Commercial International Bank – Egypt are being traded during these moments of today’s trading on the London Stock Exchange at $1.09, while the shares of the Commercial International Bank (Egypt) closed on the Cairo Stock Exchange at the level of 58.02 Egyptian pounds, which indicates that the dollar is denominated at about 53.2 pounds. per dollar, according to data available on the Investing Saudi Arabia website.
The difference between the price of the Commercial International Bank’s shares on the London Stock Exchange and the Egyptian Stock Exchange shows that the gap is widening between the official exchange rate and the parallel exchange rate calculated on the Commercial International Bank’s certificates. Historical data indicate that the prices between the two stock exchanges usually meet only when there is an abundance of dollars in the Egyptian market, and thus this is an indicator of the return of momentum to the black market and the scarcity of the dollar in Egyptian banks.
3- The dollar on the black market
At the same time, the official exchange rate remained stable at about 30.90 pounds to the dollar, while the black market dollar jumped towards the level of 48 pounds to the dollar during the past hours, rising by about 10 pounds in just about two weeks.
