Tuesday, November 21, 2023
Written by Manal Al-Masry:
The price of the dollar in the parallel market for currency trade (the black market) witnessed a slight increase in transactions in the middle of this week today, Tuesday, by about 25 piasters compared to transactions at the beginning of the week, according to what two exchange market observers said to whom Masrawy spoke to.
The observers said that the price of the dollar on the black market rose to about 51.25 pounds today, Tuesday, compared to about 51 pounds last Saturday due to increased demand and a shortage in supply.
The gap in the price of the dollar against the pound between the black market for currency and banks has increased to more than 20 pounds, as its average price in the banking sector is trading at less than 31 pounds as of midday trading.
One of the observers told Masrawy that the inability of banks to procure dollars for customers due to the lack of supply and increased demand is one of the factors in the increase in the price of the dollar on the black market, in addition to the weak supply in banks and ATMs.
Banks are facing severe pressure from a shortage of foreign exchange after the exit of indirect investments worth $22 billion in the middle of last year due to the negative consequences of the Russian-Ukrainian war.
The price of the dollar against the pound rose by about 96% over three waves of declines in the local currency during the last 20 months, bringing the price of the dollar from 15.76 pounds on March 20, 2022 to about 30.94 pounds currently, which is the level it has been stable at since last March until now.
The post first appeared on www.masrawy.com