Egyptian pound Weakened The US dollar continued its movements on Tuesday, March 31, as the US dollar continued to move near the 55 Egyptian pound level in parts of the banking system, with regional tensions and broader pressures on trade supply chains weighing on market sentiment.
Data Assembled Data from several banks showed at the close of trading that the price of the dollar reached about 54.8 pounds for purchase and 54.9 pounds for sale in institutions including the Suez Canal Bank and the National Bank of Kuwait, compared to the high levels at the end of Monday of about 54.5 pounds for purchase and 54.6 pounds for sale.
Other lenders Quoted Tighter spreads of approximately EGP 54.5-54.53 to buy and approximately EGP 54.6 to sell, indicating broadly consistent pricing across the system.
The price of the dollar in the Central Bank of Egypt Quoted The share price recorded 54.5 pounds for purchase, and 54.66 pounds for sale, with little change from Monday, with only marginal movement.
In addition to the dollar, other major currencies showed mixed performance. euro rose The pound sterling also recorded a slight increase to about 62.67 pounds for buying and 62.8 pounds for selling, while the pound sterling also rose slightly to about 72.18 pounds for buying and 72.37 pounds for selling.
Gulf currencies stabilized broadly, Included The Saudi riyal and the UAE dirham, while the Kuwaiti dinar recorded a modest increase within a narrower range.
The pound fell further as Egypt reviewed its economic forecasts and lowered growth expectations due to escalating tensions in the Middle East. The dollar at the beginning of the week I paid Above 54 pounds and heading towards 55 pounds. Exchange rates also varied from one bank to another, with rates varying between institutions in both the Gulf and Egypt.
Growth expectations in Egypt were He cuts Because the Iran-related conflict is expected to hurt consumption, increase inflation, and increase import costs.
The look too Includes Developments in the International Monetary Fund’s external account expected It is expected that Egypt’s current account deficit will decline to about 3% of GDP, supported by structural reforms aimed at enhancing non-oil exports and curbing the growth of imports, in addition to the gradual recovery linked to the Suez Canal and a partial improvement in hydrocarbon production.
Meanwhile, the International Monetary Fund Expected Inflation should continue to gradually ease towards the central bank’s medium-term targets, even as short-term pressure remains high.