Dealers on the Egyptian exchange market await news of the US dollar’s exchange rate against the Egyptian pound with the return of banks to work on Sunday after the weekend.
AFP Photo
The Central Bank of Egypt (CBE) will resume Sunday the auctions selling US dollars to banks, which takes place thrice weekly on Sunday, Tuesday, and Thursday. The CBE controls the US dollar’s price in banks and exchange companies operating on the local market though these weekly auctions.
The CBE suddenly raised the dollar’s price against the Egyptian pound by 10 piasters on 2 July. It was a repeat of the same step last Sunday, when it increased the price of the US dollar against the Egyptian pound by 20 piasters.
The dollar’s price at the CBE amounted to EGP 7.7301, while it reached EGP 7.8067 for buying in banks, and EGP 7.8301 for selling. The price of the US currency did not change again after these two increases, when the CBE decided to fix it for the rest of last week.
Analysts expect the CBE will raise the dollar’s price again in the coming days.
Haitham Abdel Fattah, Head of the Treasury at the Industrial Development and Workers Bank of Egypt, expects the CBE to resume a gradual rise in the dollar’s price against the Egyptian pound again in the next few days.
Abdel Fattah added that the expected increase in the dollar’s price against the Egyptian pound may be at around three piasters every time, until the US currency reaches EGP 7.95.
