The price of the dollar jumped today in Egypt, Tuesday, March 22, 2022, in commercial banks and exchange houses, after raising the interest rate.
The prices of the rest of the main and foreign currencies also soared against the Egyptian pound, increasing its value at rates close to the increase in the value of the dollar in Egypt.
The Egyptian pound lost about 16% of its value against the dollar at the close of trading on Monday at the Central Bank of Egypt, and Egypt’s government and private banks, after raising interest rates, and the Bank Central of Egypt corrected the price. of the Egyptian pound.
The highest price of the dollar in Egypt
The average price of the dollar in Egypt, according to data from the Central Bank of Egypt, jumped to around 18.17 pounds for buying and 18.26 pounds for selling, compared to around 15.66 pounds for buying and 15.75 pounds for sale, in the first operations of Monday. .
According to an “Al-Ain News” survey of prices in 29 banks, the average price of the dollar reached 18.17 pounds for buying and 18.26 pounds for selling.
The highest price for the dollar was around 18.18 pounds for buying and 18.27 pounds for selling at Ahli United Bank.
The price of 18.17 pounds for buying and 18.27 pounds for selling dominated dollar transactions at 12 banks, including Cairo, Alexandria, Al-Baraka, Credit Agricole, HSBC and Arab African.
While the price of the dollar in Al-Ahly Bank and Egypt registered around 18.15 pounds for buying and 18.25 pounds for selling, which is the lowest price of the dollar in Egypt.
Correcting the price of the Egyptian pound, losing 16%
Tarek Amer, governor of the Central Bank of Egypt, said that the local currency, the pound, witnessed a correction in trading on Monday, which will improve its competitiveness and support exports, and that its price is in line with global developments. and local.
The Egyptian pound fell around 16% during trading on Monday after the Egyptian currency remained under pressure for weeks in light of foreign investors withdrawing billions of dollars from the Egyptian treasury market after the Russian invasion of Ukraine.
And the Central Bank of Egypt announced, in a statement on Monday, that it decided to raise the main interest rate by 100 basis points, placing the overnight lending rate at 10.25% and the overnight deposit rate at 9.25%, in an exceptional meeting. , after increasing global inflationary pressures that were exacerbated by the war in Ukraine.
The Monetary Policy Committee was scheduled to meet on March 24.
The decision by the Central Bank of Egypt comes days after the US Central Bank announced that it had raised the main interest rate by a quarter of a percentage point, for the first time since 2018.
Amer told a news conference that the central bank’s decisions to raise the interest rate are aimed at maintaining foreign exchange liquidity and protecting state resources in light of economic pressures resulting from Ukraine’s war crisis.
He continued: “Egypt paid all its international obligations on time due to its strong foreign exchange reserves.”
“Inflation in Egypt is imported from abroad,” he added, referring to a recent wave of high prices the country has been witnessing, which he called a global phenomenon.
These inflationary pressures coincide with the upcoming month of Ramadan, when consumption rates generally rise.
Emerging markets in general, including Egypt, witnessed an exodus of foreign liquidity following the US Federal Reserve’s decision to raise interest rates last week.
According to Refinitiv data, the value of the Egyptian pound, in international currency markets, is around 15.7 pounds as of November 2020.
The Governor of the Central Bank of Egypt stressed that the decisions of the Bank’s Monetary Policy Committee, after the outbreak of the war in Ukraine, are aimed at maintaining the confidence of foreign investors and international financial markets in order to facilitate ways of Egypt to meet its funding requirements.
The price of the euro and the British pound today in Egypt
The average price of the European euro, according to the website of the Central Bank of Egypt, jumped to about 20.05 pounds for buying and 20.16 pounds for selling, compared with 17.31 pounds for buying and 17 £.42 for sale, in early trading yesterday. Monday.
The average price of the pound sterling, in the banking market, according to the Central Bank of Egypt, rose to about 23.88 pounds for buying, and 24.01 pounds for selling, compared to about 20.64 pounds for buying. , and £20.77 for sale, in early trading on Monday.
The prices of the riyal, dirham and dinar today in Egypt
The average price of the Saudi riyal, according to the website of the Central Bank of Egypt, increased to around 4.84 pounds for buying and 4.87 pounds for selling, compared with around 4.17 pounds for buying and £4.20 for sale, in early trading yesterday. Monday.
The average price of the United Arab Emirates dirham, on the banking market, according to the Central Bank of Egypt, also increased to around 4.94 pounds for buying and 4.97 pounds for selling, compared with around 4 .26 pounds for the purchase and 4.29 pounds for the sale. in the first operations of yesterday, Monday.
The average price of the Kuwaiti dinar also jumped, according to the website of the Central Bank of Egypt, to register around 59.72 pounds for buying and 60.19 pounds for selling, compared to around 51.53 pounds for selling. purchase and 51.87 pounds for sale, in the first operations. yesterday, monday.