Dollar Price in Egypt Falls After Record Surges
The dollar price against the Egyptian pound fell amid positive inflows of hot money into government debt instruments.
Translated by Qiyas from الجريدة — Original source
The US dollar price in Egypt declined during today’s trading sessions, shedding the gains it had posted in recent days, as the Egyptian pound benefited from positive inflows of hot money into Egyptian debt instruments.
According to a survey conducted by Arabiya Business, the highest US dollar exchange rate was recorded at Abu Dhabi Islamic Bank, at 52.10 Egyptian pounds for buying and 52.20 Egyptian pounds for selling.
The lowest US dollar exchange rate was seen at Abu Dhabi First Bank and HSBC Bank, at 51.85 Egyptian pounds for buying and 51.95 Egyptian pounds for selling.
At CIB, the Arab African International Bank, the Egyptian Gulf Bank, the Industrial Development Bank, Al Baraka Bank, and the Housing and Development Bank, the US dollar traded at 51.90 Egyptian pounds for buying and 52.00 Egyptian pounds for selling. Meanwhile, at the National Bank of Egypt, Banque Misr, the Egyptian Real Estate Bank, and the International Commercial Bank, the US dollar was priced at 51.88 Egyptian pounds for buying and 51.98 Egyptian pounds for selling.
Trading by Arabs and foreigners in the secondary market for Egyptian government debt recorded a net purchase of $136.6 million on Tuesday, according to data from the Egyptian Exchange.
Positive inflows of hot money into Egyptian debt instruments continued, with net purchases of $93 million recorded on Monday and net purchases of $1.4 billion during the previous week’s trading sessions.
