The exhange price of the US dollar fell against the Egyptian pound, today, Thursday, to lose about 7 piasters at once, to record the exchange rate of the dollar against the pound 15.93 for purchase, at the end of trading today, compared to 16 pounds for the dollar, yesterday, Wednesday, which is the average exchange rate announced by the Central Bank of Egypt.
The main reasons for the decline in the exchange rate of the US dollar against the Egyptian pound are due to the increase in foreign exchange flows, especially the funds of the financial portfolios, which are estimated between 200 to 300 million dollars per day, and rise to 500 million dollars in some days, in addition to the decline in demand for the dollar during the current period.
he state’s plan to rationalize the import contributed to supporting the local currency, as Egypt imports an average of 5 billion dollars a month of goods and products from abroad, with an annual total estimated at more than 55 billion dollars, so the current average foreign exchange reserves cover about 8 months of imports Commodities for Egypt, which is higher than the world average of about 3 months of merchandise imports to Egypt, in order to secure Egypt's basic and strategic commodities needs.
The price of the dollar in Egyptian banks is determined according to the mechanism of supply and demand, and when the dollar supply increased and demand decreased, the dollar price fell, and the appreciation of the pound was due to the increase in dollar flows and capital in the hard currency.
Source : Youm 7 newspaper