The Dollar has witnessed an unprecedented increase in Egypt’s black market recently. According to local reports, the dollar selling price ranged between 12.50 and 12.60 Egyptian pounds while its purchase price was around 12.30 pounds.
In the same context, the currency exchange stores and dollar holders refused to sell dollars with the continuous hike in the foreign currency prices, waiting for new increases to gain profits.
Moreover, currency speculations have increased in the black market and the demand for the American currency has risen to exceed 12 Egyptian pounds for the first time.
Hamdy al-Naggar -the head of the public division for the exporters- said that the dollar selling price has exceeded 12.50 LE in most of Egypt’s governorate because of the increasing demand on dollars for meeting the exports’ needs for the hard currency. Also, some of the currency dealers store the dollars waiting for its price to increase.
The black market witnesses a withdrawal from dollars’ holders in selling the hard currency with the continuous increase in the dollar price. As a result, the price of dollars hiked due to its shortage in the market.
Meanwhile, the Central Bank of Egypt has held its official exchange rate at LE 8.78 per dollar since March 16. Banks are allowed to resell dollars for LE 8.88.