Marketing-Börse PLUS - Fachbeiträge zu Marketing und Digitalisierung
print logo

US dollar declines to EGP 9 in informal market

Banks await fresh dollar liquidity to be injected through exceptional CBE auction.
14.03.16 | Source: Daily News Egypt

The value of the US dollar declined to EGP 9 in the informal market for the first time in several weeks, recording approximately EGP 8.97 for purchase and EGP 9.10 for sale.

The price decline in the black market was due to the recent actions taken by the Central Bank of Egypt (CBE), which mainly concerned lifting the cap on withdrawals and deposits in foreign currency for individuals and strategic importers, as well as providing $500m for banks to cover the cost of importing a number of commodities.

Sources from the informal market said dealers are in a state of disarray, in anticipation of further action to be taken by the CBE, which would again cause them losses, repeating last week’s trends.

There was previous speculation that the value of the US dollar would hit EGP 9.70 in the informal market. The decline of the US dollar by 70 piasters since last Sunday caused major losses for both dollar owners and speculators.

FREE NEWSLETTER