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The dollar rises once more, reaching LE63 in Egypt’s parallel market

The dollar price in the parallel market rose again during Wednesday’s trading to record LE63, according to the “Investing” platform, compared to LE60 recorded on Tuesday’s trading after a record decline in the past few days.

Experts believe that there are several reasons that led the dollar to these losses in the parallel market – which may also push for further declines in the coming days.

The first of these is the collapse of demand from importers due to the unprecedented increases in exchange rates of the dollar.

In addition, the Central Bank of Egypt  raised interest rates by 200 bps to curb inflation, while the authorities have expanded its crackdown on major currency traders of the black market over the past few days.

Furthermore, there are possible foreign investment flows to the country, especially from the European Union.

There is also a positive indicator regarding negotiations that the Egyptian government is conducting with the International Monetary Fund to increase Egypt’s financing program.

At the National Bank of Egypt, the dollar rate registered on Thursday at LE30.75 for buying and LE30.85 for selling.

And at the CIB, the dollar rate recorded LE 30.85 for buying and LE 30.95 for selling

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