Physical Address
304 North Cardinal St.
Dorchester Center, MA 02124
According to the Central Bank’s data on average exchange rates at the end of today’s trading, the selling price of the dollar reached 50.0480 pounds, while the buying price was 49.9480 pounds.
It is mentioned that it was the sixth of March, the day when it was allowed Central Bank of Egypt With the currency falling significantly, the dollar breached the £50 level for the first time, but ended the day trading at £49.6 to the dollar.
Egyptian Prime Minister Mostafa Madbouli said last Saturday that the exchange rate of the pound could increase or decrease in the range of 5 percent in the coming period, according to the movement of demand for the dollar, adding that Egypt “will not repeat previous mistakes” regarding the stabilization of the price of the pound. for long periods.
Madbowli said in his remarks during a press conference last Saturday: “We assumed that fixing the exchange rate reflects the strength and firmness of the state… and that it is not right to let the currency move flexibly… the result was that we were fixed in time period remained pegged (currency price)… Then a problem arises, so we are forced to we are floating large numbers that reach 30 and 40 percent of the price of the currency”, the announcement states. Madbowli said.
He added that the exchange rate of the dollar against the pound has been moving between 4 or 5 percent since the currency fluctuated last March, which he considered “natural and logical”, and that this movement is likely to continue at the same rates in the coming period. , according to the demand for foreign exchange.
The issue of exchange rate flexibility is one of the main demands of the International Monetary Fund, whose mission recently concluded a visit to Cairo regarding the fourth review of Egypt’s $8 billion loan program, without announcing an agreement on the payment of a new tranche.