The price of the dollar on the black market in Egypt reaches this level… and a comment from the Prime Minister via Investing.com


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Investing.com – With the beginning of a new week, pressure continues on the pound against hard currencies in parallel markets. The Egyptian pound entered a new phase of trading, rising above the 50 level to 51 pounds per dollar.

Price in Egypt today

The value of the dollar in national banks remains stable at 30.85 for buying and 30.95 for selling.

Despite the stability in the price of the dollar in banks, the price in the parallel market ranges between 54.75 pounds to 56 pounds. The Saudi riyal also rose to range between 13.25 and 13.75 pounds per riyal. The UAE dirham also rose to trade between 13.5 pounds per dirham and 14 pounds per dirham.

The Prime Minister comments on the hard currency crisis

Egypt succeeded this morning in repaying dollar-denominated Eurobonds worth $500 million. The issuance of these bonds dates back to 2019, with an interest rate of 4.5%. At the same time, the cost of insuring Egypt’s sovereign debt continued to decline, with one-year contracts reaching 11.64% at the close of trading on Friday, compared to 13.45% on November 10, which is the lowest level since the end of last August, according to data seen by Al Borsa, and the cost declined. In 5-year contracts, the rate reached 14.12% on Friday, compared to 15.58% on November 10.

The cost of hedging against the Egyptian government’s debt risks is declining despite the recent downgrade of Egypt’s rating by credit rating institutions. However, the presence of many investment projects in Egypt helps improve Egypt’s economic outlook.

Egyptian Prime Minister Mostafa Madbouly said that the currency crisis that Egypt is going through is almost over and that what is most important is what will follow it.

The value of the dollar according to the Commercial International GDR stock reached 59

The Egyptian Stock Exchange also witnessed a strong rise today to reach a historic peak, which pushed the price of the international commercial stock on the Egyptian Stock Exchange to rise to 74.76 pounds, while its price on the London Stock Exchange (LON:) is still 1.25, and it is expected that it will rise tomorrow to reward the local rise of the stock.

According to current prices, the dollar, according to the share price of the Commercial International Bank (EGX:) GDR, is denominated at 62.3 pounds. It is noteworthy that in last Friday’s trading, the price of the dollar, according to a comparison of the price of the Commercial International Bank’s shares locally and in the global market (GDR), reached 59 pounds per dollar.

The post first appeared on sa.investing.com

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