The price of the dollar and the role of supervision… a briefing request to confront the black market

11:21 p.m

Monday, November 20, 2023

Books – Sameh Sayed:

Representative Mahmoud Qassem, a member of the House of Representatives, warned of the continued chaos in the price of the dollar on the black market, after its price exceeded 50 pounds, stressing that the price of the dollar is capable of rising again on the black market for currency trade through the parallel market. The price moved between 48 and 49 pounds and reached more than 50 pounds, as a result of increased demand and lack of supply.

Qassem said, in a briefing request submitted today, Monday, to Dr. Mostafa Madbouly, Prime Minister, and Dr. Mohamed Maait, Minister of Finance, that there is a gap between the price of the dollar against the pound on the black market for currency and Egyptian banks. The difference became more than 19 pounds, and this is a large number. As the official exchange rate remains fixed at about 30.90 pounds to the dollar in Egyptian banks, he wondered: Why has there become a black market for the dollar? Where is the supervisory role over exchange companies and those dealing in the dollar? Why doesn’t the government intervene to confront the black market?

The representative wondered: Are the Central Bank’s recent decisions regarding limiting the size of dollar payments via the Internet to about $250 as a maximum, in addition to stopping the withdrawal of dollars by direct debit card or “debit card” from abroad, except with specific controls, the reason for the significant increases in the price of… The dollar and the emergence of the black market for the dollar? Stressing that there is great difficulty in providing dollars to customers who wish to obtain dollars urgently; Which prompted them to go to the black market.

Qasim called for the need for there to be urgent and rapid intervention from the government to control and stabilize the exchange rate and follow up on the effects that the markets are witnessing as a result of successive changes in the exchange rate, stressing that the stability of the exchange rate contributes directly to the stability of the prices of goods and commodities that are constantly affected by exchange movements, with the need to provide Dollar for productive raw materials.

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