(AFP Photo)
By Raghda Halal
Dollar exchange rates stabilised on both the official and parallel markets, with its value on the former reaching EGP6.89 to buy and EGP6.92 to sell. Comparative prices on the black market reached EGP7.1 to buy and EGP 7.14 to sell.
The British pound meanwhile reached EGP10.8186 to buy and EGP10.8744 to sell, while Swiss Francs reached EGP7.3656 to buy and EGP 7.4601 to sell. The price of the Chinese Yuan reached EGP1.1267 to buy and EGP1.1324 to sell.
Arab currencies also stabilised during this period, with the price of the Saudi Riyal reaching EGP1.8385 to buy and EGP 1.8478 to sell. Kuwait Dinars reached EGP24.1107 to buy and EGp24.4097 to sell, while the Emirati Dirham reached EGP 1.8773 to buy and EGP 1.8868 to sell.
A banker working with the General Exchange Company stated that the buying and selling market for dollars has suffered from recession in recent years, saying that his company was purchasing dollars for EGP6.89 and selling for EGP6.92, due to the current low supply of the dollars.
Hossam Kamel, Chairman of the Cairo International Exchange, expected to see a small increase in the price of the dollar within the next week, due to decreases in supply within local banks, and the inability of the Central Bank to continue to pump high levels of tenders onto the market.
Translated from Al Borsa newspaper
