18 C
New York
Friday, May 27, 2022

The price of the euro today in Egypt, Thursday March 24, 2022… a drop of 21 piasters

- Advertisement -
- Advertisement -

The price of the European euro fell today in Egypt, by about 21 piasters, in trading on Thursday, March 24, 2022, in commercial banks and exchange houses.

This is the first fall in the price of the euro in Egypt, since the Central Bank of Egypt raised the interest rate last Monday and corrected the price of the Egyptian pound.

What the Egyptian pound lost in value against the euro fell to around 16.29% at the start of Thursday’s trading alone, on the Egyptian banking market, compared to its losing around 17.67% in value against the euro at the start of trading on Wednesday. .

The prices of the rest of the main foreign and Arab currencies also fell against the Egyptian pound, on Thursday, in the Central Bank of Egypt, and government and private banks in Egypt.

The price of the euro today in Egypt

The average price of the European euro decreased, according to the website of the Central Bank of Egypt, to about 20.13 pounds for buying and 20.24 pounds for selling, compared with 20.34 pounds for buying and 20 £.45 for sale yesterday.

According to an “Al-Ain News” survey of prices in 23 banks, the average price of the European currency was 20.11 pounds for purchase and 20.34 pounds for sale.

The highest price for buying the euro occurred, at about 20.26 pounds per purchase, at the Islamic Bank of Abu Dhabi and the Al Ahli Bank of Kuwait.

The highest price for the sale of the euro occurred in the Egyptian Arab Land Bank, with 20.43 pounds for sale.

While the euro registered in the National Bank of Egypt and Egypt about 20.09 pounds for purchase, and 20.34 pounds for sale, which is the lowest price of the euro in Egypt.

Top 10 advantages of raising interest rates

The decisions of the Central Bank of Egypt, issued this Monday, to raise interest rates and correct the price of the Egyptian pound, came to generate concern about the negative effects that can be reflected in citizens after the devaluation of the pound.

However, despite any negative effects the decisions may have, they may have many positive effects on the Egyptian economy, according to local media.

According to economists and financial market experts, these positive effects can be concentrated in 10 main benefits, among which stand out: a slowdown in the growing current account deficit, fighting inflationary pressures, supporting assets denominated in pounds, increasing investment flows , increase remittances from workers abroad , and increase the attractiveness of the Egyptian market for international investors.

The experts added, and one of the benefits of the recent decisions of the Central Bank of Egypt, is the possibility for the Egyptian government to negotiate a new agreement or program with the International Monetary Fund, reduce the migration of portfolios of foreign investors to the US dollar . , haven currencies and lower-risk assets, stop the dollarization process and increase the attractiveness of foreign investors Falling stock market in share prices.

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, bringing the overnight lending rate to 10.25% and the overnight deposit rate to 9.25%, in an exceptional meeting, after increasing global inflationary pressures that were exacerbated by the war in Ukraine.

The Central Bank of Egypt also allowed a correction of the exchange rate of the Egyptian pound against the main foreign and Arab currencies in the local and international banking market.

Prices of the dollar and the pound sterling today in Egypt

The average price of the dollar in Egypt, according to data from the Central Bank of Egypt, fell to about 18.32 pounds for buying and 18.42 pounds for selling, compared to about 18.45 pounds for buying and 18.54 pounds for sale, yesterday.

The average price of the pound sterling in the banking market, according to the Central Bank of Egypt, also fell to about 24.17 pounds for buying, and 24.31 pounds for selling, compared to about 24.42 pounds for buying, and 24 £.55 for sale, yesterday .

The prices of the riyal, dirham and dinar today in Egypt

The average price of the Saudi riyal decreased, according to the website of the Central Bank of Egypt, to about 4.88 pounds for buying and 4.91 pounds for selling, compared with 4.91 pounds for buying and 4 £.94 for sale yesterday.

The average price of the United Arab Emirates dirham, in the banking market, according to the Central Bank of Egypt, also decreased to about 4.98 pounds for buying and 5.01 pounds for selling, compared to 5.02 pounds for buy and 5.05 pounds for sale yesterday. .

The average price of the Kuwaiti dinar also decreased, according to the website of the Central Bank of Egypt, to register about 60.16 pounds for buying and 60.64 pounds for selling, compared with 60.64 pounds for buying and the £61.08 for sale yesterday.

Source link

- Advertisement -

New Articles