The exchange rate of the dollar against the Egyptian pound fell slightly at the end of trading, on Wednesday, as it continues its movement around the level of 49 pounds, this comes in conjunction with the decline in the deposits of Arabic countries with the Central Bank of Egypt.
The deposits of Arabic countries with the central bank witnessed a decline of $ 5.6 billion during the first quarter of this year.
The data showed that the deposits of Arabic countries fell to $ 41.6 billion by the end of March, compared to $ 47.2 billion at the end of December 2023.
This significant decrease in balances is attributable to the settlement of $5.4 billion in short-term deposits, which stood at $11.1 billion at the end of March, up from $16.5 billion at the end of December 2023.
U.A.E. deposits also fell to $ 16.4 billion at the end of the first quarter of this year, from $ 21 billion at the end of the previous December, as a result of the conversion of part of deposits with the Central Bank of Egypt to direct investments in the Ras El Hekma project on the North Coast.
The UAE has converted $5 billion of its total deposits with the Central Bank of Egypt, which were estimated at $11 billion, into Egyptian pounds to be channeled into the first phase of the Ras El Hikma development project.
Similarly, Saudi Arabia deposits decreased by $300 million during the first quarter, to $12.6 billion, compared to $12.9 billion at the end of December 2023.
Kuwait deposits fell by about $500 million in the first three months of the year, reaching $6.2 billion from $6.7 billion at the end of last year, while Qatar deposits stood at $4 billion by the end of March.
Read also: Something that has never happened before in the gold market after the record rise.. So what is it?
Decline in external debt
Egypt’s total external debt fell by USD 14.17 bn by 8.43% during the first five months of this year to USD 153.86 bn by the end of May 2024, according to a previous statement by a CBE official.
On the other hand, the Central Bank of Egypt’s net foreign reserves rose to an all-time high, reaching $46.49 billion by the end of July 2024.
Read also:Urgent| Reports reveal CBE request to impose a maximum limit on foreign currency withdrawals
Dollar today against the Egyptian pound
The price of the US dollar in Egypt continued its movement below the 49th level against the Egyptian pound in Egyptian banks during today’s trading.
The highest price of the dollar against the Egyptian pound was recorded at Abu Dhabi Islamic Bank, reaching levels of 48.87 for buying and 48.97 for selling.
At the Central Bank, the dollar recorded today the level of 48.7303 pounds for buying, and 48.8677 for selling. Yesterday, the dollar hit 48.8070 for buying, and 48.9436 for selling.
What stock should you buy in your next trade?
With stock valuations soaring in 2024, many investors feel uncomfortable investing more money in stocks. Not sure where to invest your money now? Check out our proven portfolios and discover high-potential investment opportunities.
In 2024 alone, ProPicks’ AI identified two stocks that jumped more than 150%, 4 more that jumped more than 30%, and another 3 that rose more than 25%. This is an impressive record.
With portfolios specifically designed to follow Dow Jones, S&P, technology and mid-cap stocks, you can explore various wealth building strategies.
