The evolution of the price of the dollar on the parallel market in Egypt has seen a notable decline in recent days, falling to 71 Egyptian pounds per dollar.
The dollar on the black market began a downward movement reaching 50 LE on Monday.
This decline is the result of reports of the imminent arrival of significant dollar liquidity from ongoing projects and new investments, the decision of the Central Bank of Egypt to raise interest rates by two to cent, as well as vigorous campaigns against black market dealers.
As a result of this drop in the price on the black market, gold prices in Egypt saw a drop of around LE 600, from LE 4,000 for 21 carat to LE 3,400.
The price of gold coins also decreased by around LE3,200.
The official dollar exchange rate at Egyptian banks and exchange offices is currently between LE30.75 and LE30.58.
The black market in Egypt has seen notable movements due to dollar speculation, leading to the dollar price being overestimated relative to its true value.
While it is important to note the evolution of the price of the dollar in Egypt, it is also essential to understand the repercussions of this fluctuation on the country’s economy. Exporters, for example, could benefit from an increase in the purchasing power of the dollar, while importers could see their costs increase.
Additionally, the impact on the gold market is significant, with lower prices potentially encouraging investors and potential buyers.
However, it is important to emphasize that the black market presents risks, particularly in terms of legality and security. It is therefore preferable to use official channels to carry out foreign currency transactions.
In conclusion, the evolution of the price of the dollar in Egypt is an important indicator to follow, as it can have profound repercussions on the country’s economy. However, it is essential to consider the underlying factors that influence these fluctuations and to be wary of black market transactions.