The black market dollar has again fallen into a sharp loss square, with supply increasing significantly during recent transactions. Dealers on pages that follow Egypt’s exchange rates have complained about a lack of real implementation, and the market has ground to a halt as exchange rates continue to decline from levels approaching £42 to under £38 in transactions late Monday night.
On the other hand, rates stabilized in the official market, where the dollar exchange rate at the National Bank of Egypt and Bank Misr stabilized at 30.75 pounds for buying and 30.85 pounds for selling, and in the Commercial International Bank – In Egypt, the dollar exchange rate fixed about £30.85 buying and £30.95 selling.
At the Central Bank of Egypt, the dollar exchange rate stabilized at 30.83 pounds on purchases and 30.93 pounds on sales.
Dealers have linked the black market loss of the dollar to new government action, whether in the gold market or with regard to the placement program, as two deals have been announced in recent days under the government’s placement program, indicating a shortage-driven breakout from the crisis. dollar in the market.
The government also decided to exempt gold imported by expatriates from fees and customs duties, with the exception of value added tax, which is calculated only on the quality of workmanship, which contributed to the release of the price of the precious metal in the Egyptian market and exchange. dollar exchange rate on the black market.
Parallel to the government’s move, there have been calls from some commercial sectors to boycott deals in the auto dealer-led parallel dollar market. The career dealers section of the Cairo Chamber of Commerce also called for a month-long import halt to relieve pressure on the dollar.
In a statement, the Automobile Dealers Association called on all importers, agents and distributors operating in the local automotive market to stop buying dollars on the black market as part of a campaign launched called “Support the pound, your country’s currency.”
In an official letter, the Association called on all employees of the automotive market not to contribute to the creation of a state of demand for the dollar for a period of one month, and also to stop foreign exchange transactions from May 15 until the middle of next year. month until the situation in the country stabilizes.
She said the measures were taken because of exceptional economic conditions, which she described as difficult and often accompanied by the presence of global crises, which have strongly affected the value of the Egyptian pound against the dollar.
The Quarry and Marble Department of the Cairo Chamber of Commerce also announced the launch of an initiative to halt imports of marble and granite from overseas for a month to ease pressure on the dollar.
A few days ago, Al-Ahly Pharos IPO promotion and coverage company announced the completion of the first acquisition under the government’s Emirati National Paints Company listing program at Pachin for $24.9 million.
She revealed that she acted as the exclusive financial advisor to the Chemical Industry Holding Company, the majority shareholder of 44.63% of Pachin Paints and Chemicals Company, in the sale of the company’s shares to the strategic investor, National Paints Company Limited.
In the same context, the Egyptian Stock Exchange announced last Sunday the sale of a new stake in Telecom Egypt. She explained that 162.171 million shares were sold for a total of £3.747 billion.
And last Thursday, Telecom Egypt said it had decided to sign an information memorandum offering the company’s main shareholder (Ministry of Finance) a 10% stake in the secondary market on the Egyptian Stock Exchange.
