Egypt's current account gap narrows, but overall BoP records deficit    Egypt's PM reviews debt reduction strategy, eyes more private investment    Egypt hosts international neurosurgery conference to drive medical innovation    Egypt, India discuss expanding industrial, investment partnerships    World Bank proposes Egypt join new global health initiative    Egypt's EDA discusses Johnson & Johnson's plans to expand investment in local pharmaceutical sector    I won't trade my identity to please market: Douzi    Sisi sends letter to Nigerian president affirming strategic ties    Egypt welcomes 25-nation statement urging end to Gaza war    Egypt, Senegal sign pharma MoU to unify regulatory standards    Egyptian pound ticks down in early Tuesday trading    Famine kills more Gaza children as Israel tightens siege amid global outrage    Kuwait's Crown Prince, Egyptian minister discuss strengthening cooperation    Egyptian Drug Authority discusses plans for joint pharmaceutical plant in Zambia    Egypt's FM seeks deeper economic, security ties on five-nation West Africa tour    Two militants killed in foiled plot to revive 'Hasm' operations: Interior ministry    Egypt foils terrorist plot, kills two militants linked to Hasm group    Egypt, Somalia discuss closer environmental cooperation    Egypt exports 175K tons of food in one week    Giza Pyramids' interior lighting updated with new LED system    Egypt's EHA, Huawei discuss enhanced digital health    Foreign, housing ministers discuss Egypt's role in African development push    Korea Culture Week in Egypt to blend K-Pop with traditional arts    Egypt, Uruguay eager to expand trade across key sectors    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    Egypt's Democratic Generation Party Evaluates 84 Candidates Ahead of Parliamentary Vote    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.



US dollar embarks on new wave of decline against pound, loses 20 piastres in 2 days
Banks give their clients up to $2,000 cash with no documents but precedent transactions
Published in Daily News Egypt on 04 - 07 - 2017

The US dollar embarked on a new wave of decline against the pound and lost the equivalent of about 20 piastres of its value on Monday and Tuesday. The greenback settled on EGP 17.8285 for buying and EGP 17.9543 for selling, compared to EGP 18.0276 for buying and EGP 18.1518 for selling on Sunday.
In banks, the dollar was changing hands on Tuesday at EGP 17.8-17.9 for buying and EGP 17.9-18 for selling.
This value is the lowest against the Egyptian pound since mid-March 2017.
Chairperson of Banque Misr Mohamed El-Etreby said that there is great supply of the dollar at banks, which is leading to this depreciation in its value against the Egyptian pound.
He told Daily News Egypt that the interbank market is seeing great activity, as many banks have been injecting more funds after covering the demand of their clients of hard cash.
Moreover, he added that the large difference between the interest rate on savings in pounds and the dollar's interest pushed many people to convert their dollar savings into pounds, which increased the supply of the greenback.
He predicted the dollar to continue its depreciation wave in the coming period amid increasing supply.
El-Etreby pointed out that Banque Misr collected $2.7bn from clients since the flotation of the pound on 3 November 2016.
Vice chairperson of the National Bank of Egypt (NBE) Yehia Aboul Fotouh said that all indicators point to further depreciation.
He explained that the depreciation is mainly caused by growing supply of hard currency at banks.
He added that there has been a significant increase in the foreign exchange at banks since the flotation, noting that NBE alone collected $9.5bn.
According to Aboul Fotouh, the increasing collection of dollars from clients in Egypt and through remittances—which amounted to $25bn across the banking sector—is coupled with more financial packages worth $25bn, as well as the dollar dominated bonds issued by the government recently. In addition, he noted that foreign direct and indirect investments and proceeds from exports have also contributed to the supply growing.
On the other hand, he pointed out that import demand has declined, which eased demand on the dollar.
In a related context, a senior banker told Daily News Egypt that the banks started to give their customers cash liquidity of up to $2,000 without asking for any documents, depending on the precedent of dealing between the bank and its clients.
Banks had placed strict restrictions on customers' access to the dollar either for travel or for other purposes.


Clic here to read the story from its source.