Updated Monday 1/16/2023 12:07 PM Abu Dhabi time The price of the pound sterling rose today in Egypt, in trading on the morning of Monday, January 16, 2023, in the Central Bank and government and private banks. The pound sterling has been witnessing a rise against the local currency in Egypt in the recent period, in parallel with the significant decline in the exchange rate of the Egyptian pound. The bullish sterling movement continues in the markets, based on the trade relations between Egypt and Britain, which are witnessing continuous growth. Where the volume of foreign trade between the two countries has clearly grown. The volume of trade between Egypt and Britain during the year 2021 amounted to about 2 billion and 917 million dollars, compared to 2 billion and 163 million dollars, an increase of 35%. After the devaluation of the Egyptian pound, record sales of Egyptian treasury bills in a new auction. British investments in Egypt amounted to about $5.6 billion in 1,450 projects in the fields of industry, services, construction, tourism, finance, agriculture, communications and information technology. The value of Egyptian exports to the UK markets during the past year 2022 amounted to about 1.seventy nine billion dollars. The recent decline in the value of the Egyptian pound and its closeness to its fair value in the official exchange market; According to a flexible exchange rate system based on supply and demand mechanisms, with the escalation of the Central Bank of Egypt’s moves to correct the course and eliminate the two-rate system for the local currency in the foreign exchange market by tightening its grip on the black market. The dollar shock jumped the bread subsidy bill in Egypt.. How much was the increase? The price of the pound sterling against the Egyptian pound rose this morning on the screen of the Central Bank of Egypt at 36.11 pounds for purchase and 36.25 pounds for sale, compared to 35.83 pounds for purchase and 35.96 pounds for sale yesterday. Sterling expectations today The average price of the pound sterling today in exchange companies recorded about 35.67 pounds for purchase, and 37.39 pounds for sale. Within the framework of the flexible exchange rate, it is expected that the real value of the exchange rate of the pound sterling against the Egyptian pound in the local exchange market will be determined according to supply and demand mechanisms. The Central Bank of Egypt is committed to a flexible exchange rate that adapts to the dynamics of the balance of payments, avoids the re-accumulation of imbalances, and supports the competitiveness of exports, according to the International Monetary Fund, which indicated that the “Central” will be committed to allowing the exchange rate to reflect the conditions of supply and demand for foreign currencies, but it may intervene. Sometimes in times of excessive volatility in exchange rates. The price of the pound sterling against the Egyptian pound on the black market The price of the pound sterling against the Egyptian pound on the black market ranged between 38 and 39 pounds, according to local reports. The Italian “Eni” announces the discovery of new gas in the eastern Mediterranean off the coast of Egypt, the price of the pound sterling in the National Bank of Egypt, and the price of the pound sterling rose today, during morning trading at the National Bank of Egypt, to 35.84 pounds for purchase, and 36.19 pounds for sale, compared to 35.67 pounds for purchase. And 36.17 pounds for sale yesterday. The price of sterling in Banque Misr also rose today, at the beginning of Banque Misr’s transactions, at 35.84 pounds for purchase, and 36.19 pounds for sale, compared to 35.67 pounds for purchase, and 36.17 pounds for sale yesterday. The price of the pound sterling at CIB Bank also increased the price of the pound sterling today at the Commercial International Bank CIB (the largest private bank in Egypt), to the level of 35.85 pounds for purchase, and 36.26 pounds for sale, compared to 35.seventy nine pounds for purchase, and 36.08 pounds for sale yesterday.
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