The price of the European euro continued today in Egypt, to rise strongly in the trading on Wednesday, March 23, 2022, in commercial banks and exchange houses.
The prices of the rest of the main foreign and Arab currencies continued to rise against the Egyptian pound, in the price of this Wednesday, to increase its value at rates close to the increase in the value of the dollar in Egypt, which was around 17 .81%. .
The Egyptian pound lost about 17.67% of its value against the European euro, in trading on Wednesday, in the Egyptian banking market, as the Central Bank of Egypt, last Monday, raised the interest rate and corrected the price of the Egyptian pound.
The price of the euro today in Egypt
The average price of the European euro, according to the website of the Central Bank of Egypt, jumped to about 20.34 pounds for buying and 20.45 pounds for selling, compared with 20.05 pounds for buying and 20 .16 pounds for sale yesterday.
According to an “Al-Ain News” survey of prices in 23 banks, the average price of the European currency was 20.22 pounds for purchase and 20.45 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 selling the euro was at the Misr Iran Development Bank, with about 20.50 pounds for sale.
While the euro registered in the National Bank of Egypt and Egypt, about 20.20 pounds for purchase, and 20.45 pounds for sale, which is the lowest price of the euro in Egypt.
Higher interest rates attract more foreign investment
Several economic experts hoped that the interest rate increase would attract more foreign investment to Egypt.
For his part, Dr. Mustafa Badra, professor of Finance and Investments, said in an intervention on one of the local channels, that raising the interest rate tempts foreign and local investors, and those who change the dollar to Egyptian pounds to go shopping. , so there is great importance in the package of measures taken by the government with the bank The central bank to support the market indirectly.
For his part, Hani Aboul Fotouh, a banking expert, believes that raising the interest rate works to limit the migration of foreign investors’ portfolios to the US dollar, safe-haven currencies and lower-risk assets, especially in the face of high inflation. and hence the pound’s low real rate of return compared to emerging market currencies.
Aboul Fotouh indicated that the decisions also meet the central objective in the medium term of absorbing liquidity from the markets to reduce inflation, and he expects interest rates to be increased several times this year to achieve this objective, according to local media.
Dr. Hala Al-Saeed, Egypt’s Minister of Planning, said last November that Egypt ranked second among the most attractive Arab destinations for foreign direct investment in 2020 and the largest recipient of foreign direct investment in Africa in 2020. The country receives 15% of the total of $39.8 billion that enter the continent.
The Planning Minister confirmed that Egypt received $5.9 billion in foreign direct investment in 2020, accounting for 14.5% of the $40.5 billion invested in the region that year, according to the Investment Climate Report issued by the Arab Investment and Export Credit Guarantee Corporation.
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, jumped to about 18.45 pounds for buying and 18.54 pounds for selling, compared with 18.17 pounds for buying and 18, £26 for sale yesterday.
The average price of the pound sterling in the banking market, according to the Central Bank of Egypt, rose to about 24.42 pounds for buying and 24.55 pounds for selling, compared to about 23.88 pounds for buying and 24 £.01 for sale yesterday.
The prices of the riyal, dirham and dinar today in Egypt
The average price of the Saudi riyal increased, according to the website of the Central Bank of Egypt, to about 4.91 pounds for buying and 4.94 pounds for selling, compared with 4.84 pounds for buying and 4 £.87 for sale yesterday.
The average price of the United Arab Emirates dirham, in the banking market, according to the Central Bank of Egypt, also increased to about 5.02 pounds for buying and 5.05 pounds for selling, compared to 4.94 pounds for buying and 4.97 pounds for selling yesterday. .
The average price of the Kuwaiti dinar also jumped, according to the website of the Central Bank of Egypt, to register around 60.64 pounds for buying and 61.08 pounds for selling, compared to 59.72 pounds for buying. and the £60.19 for sale yesterday.