Egypt invites US investment in ports, shipping, and rail sectors    Finance Ministry launches €10M fund to support PPP project preparation    Public Prosecution to transfer 200kg of refined gold to CBE: Shawky    Egypt inks $121m oil, gas exploration deals with Apache, Dragon Oil, Prenco    Egypt's Foreign Minister, Pakistani counterpart meet in Doha    Egypt condemns terrorist attack in northwest Pakistan    Emergency summit in Doha as Gaza toll rises, Israel targets Qatar    Egypt renews call for Middle East free of nuclear weapons، ahead of IAEA conference    Egypt's EDA, Korean pharma firms explore investment opportunities    Egypt's FM heads to Doha for talks on Israel escalation    Egypt strengthens inter-ministerial cooperation to upgrade healthcare sector    Egyptian government charts new policies to advance human development    Egypt advances plans to upgrade historic Cairo with Azbakeya, Ataba projects    Egyptian pound ends week lower against US dollar – CBE    Egypt hosts G20 meeting for 1st time outside member states    Lebanese Prime Minister visits Egypt's Grand Egyptian Museum    Egypt to tighten waste rules, cut rice straw fees to curb pollution    Egypt seeks Indian expertise to boost pharmaceutical industry    Egypt prepares unified stance ahead of COP30 in Brazil    Egypt recovers collection of ancient artefacts from Netherlands    Egypt harvests 315,000 cubic metres of rainwater in Sinai as part of flash flood protection measures    Egyptian, Ugandan Presidents open business forum to boost trade    Al-Sisi says any party thinking Egypt will neglect water rights is 'completely mistaken'    Egypt's Sisi warns against unilateral Nile measures, reaffirms Egypt's water security stance    Egypt's Sisi, Uganda's Museveni discuss boosting ties    Egypt, Huawei explore healthcare digital transformation cooperation    Greco-Roman rock-cut tombs unearthed in Egypt's Aswan    Egypt reveals heritage e-training portal    Sisi launches new support initiative for families of war, terrorism victims    Egypt expands e-ticketing to 110 heritage sites, adds self-service kiosks at Saqqara    Palm Hills Squash Open debuts with 48 international stars, $250,000 prize pool    On Sport to broadcast Pan Arab Golf Championship for Juniors and Ladies in Egypt    Golf Festival in Cairo to mark Arab Golf Federation's 50th anniversary    Germany among EU's priciest labour markets – official data    Paris Olympic gold '24 medals hit record value    A minute of silence for Egyptian sports    Russia says it's in sync with US, China, Pakistan on Taliban    It's a bit frustrating to draw at home: Real Madrid keeper after Villarreal game    Shoukry reviews with Guterres Egypt's efforts to achieve SDGs, promote human rights    Sudan says countries must cooperate on vaccines    Johnson & Johnson: Second shot boosts antibodies and protection against COVID-19    Egypt to tax bloggers, YouTubers    Egypt's FM asserts importance of stability in Libya, holding elections as scheduled    We mustn't lose touch: Muller after Bayern win in Bundesliga    Egypt records 36 new deaths from Covid-19, highest since mid June    Egypt sells $3 bln US-dollar dominated eurobonds    Gamal Hanafy's ceramic exhibition at Gezira Arts Centre is a must go    Italian Institute Director Davide Scalmani presents activities of the Cairo Institute for ITALIANA.IT platform    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



Market awaits dollar auctions to figure out trend of dollar against pound
Fixing dollar price in two upcoming auctions will be strong indication for its stability until end of year, say analysts
Hossam Mounir Published in Daily News Egypt on 21 - 10 - 2015

The banking market is awaiting the two dollar auctions decided to be offered by the Central Bank of Egypt (CBE) on Thursday and Sunday to know the trend of the dollar against the pound, especially after resignation of Hisham Ramez the CBE's governor and appointing Tarek Amer instead of him.
CBE fixed the dollar's price last Tuesday at EGP 7.9301, after raising it 20 piasters on last Thursday and Sunday. As a result, the dollar's price stabilised in banks at EGP 7.98 for buying and EGP 8.0301 for selling.
CBE is offering three auctions for selling dollar to banks on Sunday, Tuesday, and Thursday every week. Through these auctions, the dollar's price at CBE is being decided and consequently at banks and exchange firms.
"We are now awaiting the auctions CBE will offer on Thursday to sell dollar to the banks, which will be initial indication for the trend of the dollar's price in the market in the upcoming period", according to Haitham Abdel Fattah, Director General of the Treasury at the Industrial Development and Workers Bank of Egypt. "After the auction, the market is also awaiting the Sunday auction, which is decided to determine CBE's vision in regard to the future of the pound against the dollar until the end of the year".
Abdel Fattah said CBE surprised the market last July by raising the dollar's price two times in a row, 10 piasters each time. Then it fixed it for about three months in a row, adding that this scenario could be significantly repeated this time as well.
He said that increasing the dollar's price against the pound more times is definitely possible and this could happen by the beginning of the New Year, not now. That is to calm down the market and not to ignite the products' prices".
According to Abdel Fattah, there is a great tension in the official exchange market, as well as the parallel market, for not knowing the trend of the dollar against the pound definitively.
The dollar's price in the black market reached about EGP 8.60 but retreated a little after CBE fixed the price in the official market last Tuesday. The dollar's prices decreased in the annual non-deliverable forward contracts as well by about 18 piasters, recording EGP 9.86 compared to EGP 10.4 before fixing the dollar's price. The semi-annual non-deliverable forward contracts at the level of EGP 9.6, EGP 8.75 for the three months, and EGP 8.5 for the two months non-deliverable forward contracts.

Clic here to read the story from its source.