Although the price of the dollar in banks and accredited exchange companies has been fixed and stable since last March at around 31 pounds, the price of the American currency on the black market continues to be insane until the price of the dollar has reached nearly 50 pounds.. So what is the story? Who is responsible for assassinating the pound in this way? Is this really the true value of the dollar or is there any manipulation going on? Who are the groups benefiting from the chaos in the exchange market taking place in Egypt? Why is something extremely dangerous for the future of the economy and investment in Egypt happening?
The commodity that is most affected by rumors is the dollar, and if one positive piece of news comes out about Egypt’s ability to provide dollar liquidity, there will always be a decline in the price of the dollar on the black market, and vice versa, with every negative piece of news, the price of the American currency on the parallel market flies… Never mind the amount of rumors and news. Financial negativity on Facebook and all social media platforms regarding the weakness of the pound, the possibility of devaluing the currency, and Egypt’s inability to attract dollar flows.
Let us say to you that there is a pipe of rumors that has been blown about the future of the economy and about a new float that will happen to the pound after the presidential elections. Of course, these rumors had a very large negative impact on the price of the dollar on the black market and left many people scrambling to buy the dollar and store it in order to preserve the value of their savings and protect them from any harm. Possible reduction in the value of the pound. Imagine that you are a citizen who has two pennies that he carries around every day. He hears that the price of the dollar will increase and the value of the pound will decrease. He can buy the dollar at any price, even if it is at an unjust value, in order to protect his money from inflation and from the erosion of its value. This explains to you why the price of the dollar is on the black market. It is increasing at unnatural rates because those who buy dollars are not the people who normally carry two pennies for a while, but investors, businessmen, and huge companies that collect dollars from the market, and this creates a very, very large demand for the American currency. The rule in the exchange market is understood, and we all maintain it whenever the demand for it increases. The more a currency’s price increases and the more demand decreases, the supply will increase and the price will decrease.
So, who is behind the rumors that strike the pound and ignite the black market for the currency?
There are many parties that benefit from what is happening, parties with political ambitions, parties that achieve economic goals, and also international parties in my country. Thus, Egypt does not want to establish its own nation.. Unfortunately, all these evil groups have united and fought against Egypt, and they are trying to take advantage of the difficult economic situation that Egypt is going through, like many countries. In the world, I have been affected by the events that are happening globally, such as the events in Gaza currently, and before that the Russian-Ukrainian war, and before them also the Corona pandemic, which caused cases of closure, restrictions, and a decline in production requirements.. These groups include groups affiliated with the movement of political Islam, such as the Brotherhood and its followers, which are still widespread and permeating society. Financial and political pressure groups and external intelligence services are concerned that Egypt prefers to be busy with its internal problems
And the war of these groups with the Egyptian state has reached the point where they have moved the battle outside Egypt and are trying to deprive Egypt of an important dollar resource, which is the remittances of Egyptians abroad, and there are currently gangs that take the money of Egyptians working abroad from abroad and prevent foreign currencies from reaching Egypt and countries, in short, who communicate with any working citizen. Outside Egypt, they buy dollars from him even at a higher price than its price on the black market, and they hand over to his family here in Egypt the value of the amount they bought from him, and they receive dollars from him abroad.. This was reflected in the volume of remittances from Egyptians abroad, which declined by about 30%, and Egypt in the last period lost about 10 billion dollars. The dollar gangs seized them, and of course this was one of the important reasons that led to the rise in the price of the American currency on the black market.
Evil groups and those with direct interest in the continued chaos of the exchange market are implementing a systematic plan to spread rumors about the future of the dollar, and of course they take advantage of the international reports on the economy and publish them as accepted facts, even though many of these reports, for example, said that there was a reduction in the value of the pound since last April. Despite this, nothing has happened, and the price of the dollar is stable in the banks, and the Central Bank was able to provide billions of dollars to release the goods that were seized in Egyptian ports.. Also, the cash reserve is increasing, and hours ago, a sister country like Kuwait renewed a deposit of 4 billion dollars, and whatever happens says that the situation is stable. Egypt is able to attract dollar flows, and there is nothing to be afraid of, and do not let people run and buy the dollar at a price much higher than its fair value.
There is happy news that happened after Kuwait’s decision to extend the term of the $4 billion deposit. This is because the price of the dollar on the black market decreased very significantly. You can say that it has collapsed and is being traded at the level of 38 and 39 pounds. In the coming days, a greater decline is expected with the noticeable improvement in the volume of dollar liquidity and Egypt’s sale of bonds. An international value approaching $2 billion.
The post first appeared on www.banker.news