Egypt's SCZONE eyes deeper investment, port digitalisation ties with Singapore    Egypt's gold prices slip slightly on July 28th    Egypt's Housing Min. reviews HDP marketing plan    Indian Embassy to launch cultural festival in Assiut, film fest in Cairo    Egypt, South Africa pledge to deepen development cooperation at G20 meeting    Egypt's PM orders road maintenance review, tougher penalties to curb accidents    Egypt, Novartis explore expanding collaboration in oncology, cardiology    Egyptian aid convoy heads toward Gaza as humanitarian crisis deepens    EU, China agree on rare earths, climate but divisions remain on trade, Ukraine    Association of Real Estate Developers seeks urgent meeting over threatened land deallocation on Northwest Coast    Midar partners with Adeer to develop Boulevard project in Mostakbal City with EGP 70bn investment    Iran launches mass deportation of Afghans amid spying allegations    Over 60 million visits recorded under Egypt's Women's Health Initiative since 2019    Culture minister launches national plan to revive film industry, modernise cinematic assets    Thailand, Cambodia clash on new front as tens of thousands flee    Sudan's ambassador to Egypt holds reconstruction talks on with Arab League    I won't trade my identity to please market: Douzi    Egypt welcomes 25-nation statement urging end to Gaza war    Sisi sends letter to Nigerian president affirming strategic ties    Egypt, Senegal sign pharma MoU to unify regulatory standards    Two militants killed in foiled plot to revive 'Hasm' operations: Interior ministry    Egypt, Somalia discuss closer environmental cooperation    Egypt foils terrorist plot, kills two militants linked to Hasm group    Egypt's EHA, Huawei discuss enhanced digital health    Foreign, housing ministers discuss Egypt's role in African development push    Egypt reveals heritage e-training portal    Three ancient rock-cut tombs discovered in Aswan    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    Egypt's Irrigation Minister urges scientific cooperation to tackle water scarcity    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.



Dollar fixed for second time after CBE's 20 piaster devaluation
Anticipating the central bank's next move is difficult, says banker
Published in Daily News Egypt on 15 - 11 - 2015

The Central Bank of Egypt (CBE) decided on Sunday to fix the dollar price against the pound at EGP 7.7301 for the second time in a row, after it was devaluated by 20 piasters last Wednesday.
The CBE opened its usual tender Sunday morning to sell dollars to banks, giving them $38.8m. In this tender, the dollar price was fixed at the same level as Wednesday. At banks, the asking price for the dollar reached EGP 7.78, while the bid price reached EGP 7.8301.
In the black market, Daily News Egypt noted a strong variation in the dollar price, as it was traded in some areas at EGP 8.15, while in other areas it reached EGP 8.5.
The common denominator in trading on the black market is the state of alert and concern about the possibility of the CBE making any other sudden decisions on the exchange rate. Last Wednesday, the actions of the CBE resulted in great losses for dealers in the market.
Anticipating the CBE's next moves with respect to the exchange market is extremely difficult under the circumstances witnessed by the Egyptian market at the moment, according to Haitham Abdel Fattah, Director General of the Treasury of the Industrial Development and Workers Bank of Egypt (IDBE).
Abdel-Fattah added that further steps by the central bank during the next few days are certain, to restore stability and discipline to the exchange market. However, the timing of those measures and the methods with which they will be implemented remain unknown to anyone but the decision maker himself.


Clic here to read the story from its source.