Since the liberalisation of the exchange rate, three exchange companies have collectively amassed foreign currencies surpassing EGP 15.5bn, with Al Ahli Exchange leading the way, having gathered EGP 8.616bn.
Al Ahli, Misr, and Cairo exchange companies have accumulated a total of EGP 15.523bn in foreign and Arab currencies since the Central Bank’s decision to liberalize the exchange rate on March 6, up until the conclusion of last Thursday’s transactions.
Abdel Magid Mohie El Din, CEO of Al Ahli Exchange, revealed that the company attracted an equivalent of EGP 8.616bn in these currencies during this timeframe, with EGP 1.487bn collected in the past week alone.
Adel Fawzi, CEO of Misr Exchange, indicated that the company’s total foreign currency sales reached nearly EGP 6.170bn during the same period, with the dollar constituting the majority of these sales.
Mohamed Ragai, CEO of Cairo Exchange, stated that the company’s total sales of foreign and Arab currencies since the exchange rate liberalization until the end of last week amounted to roughly EGP 737m.
In a pivotal meeting on 6 March, the Central Bank of Egypt resolved to let the exchange rate be set by market forces, highlighting the importance of a unified exchange rate to prevent the buildup of foreign currency demand by bridging the gap between official and parallel market rates.
Following this policy change, banks and exchange companies in the Egyptian market have experienced significant inflows of dollars and other major foreign currencies.
