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Gap shrinks between Egypt's official, black market dollar prices - traders

By Mahmoud Salama CAIRO (Reuters) - The gap between the official and black market price of dollars in Egypt has narrowed significantly since the central bank announced a flexible...
Gap shrinks between Egypt's official, black market dollar prices - traders © Reuters. FILE PHOTO: An employee counts Egyptian pounds at a foreign exchange office in central Cairo, Egypt, March 20, 2019. REUTERS/Mohamed Abd El Ghany

By Mahmoud Salama

CAIRO (Reuters) - The gap between the official and black market price of dollars in Egypt has narrowed significantly since the central bank announced a flexible exchange rate policy, three parallel market traders told Reuters on Tuesday.

The Egyptian pound was trading at 24.15 to the dollar on Tuesday, according to Refinitiv data.

That is about 18.5% weaker than its rate before a sharp depreciation last Thursday, when Egypt said it would adhere to a "durably flexible" exchange rate as a new International Monetary Fund loan was announced, and about 35% weaker than its level at the start of the year.

Since Thursday the gap between the black market and official rates for most transactions has shrunk to just five or ten Egyptian piasters, one of the traders said, though a second trader said large purchases of dollars were still being made on the black market at rates as high as 26 Egyptian pounds.

The level of trade in the black market had not significantly changed due to a lack of liquidity in the official market, a third trader said, speaking on condition of anonymity.

In a call with investors on Monday, Egypt's central bank governor and deputy governor said the bank was committed to a flexible exchange rate and would continue on this path, according to two people who took part in the call.

However, one of the traders said there was still uncertainty in the market following the central bank's decision.

Supplies of dollars to importers have been restricted in recent months under a rule that required them to use letters of credit supplied by banks, causing a shortage of foreign currency and a major slowdown in imports.

The central bank has said the rule will be gradually phased out by December. It has also said it is working to create a derivatives market that would allow hedging against currency fluctuations.

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01-05-2024 10:45:17 (UTC+7)

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Summary

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EUR/USD

1.0658

-0.0008 (-0.07%)

Summary

↑ Sell

Moving Avg:

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GBP/USD

1.2475

-0.0015 (-0.12%)

Summary

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USD/JPY

157.91

+0.12 (+0.07%)

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AUD/USD

0.6469

-0.0003 (-0.05%)

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 EUR/USD1.0658↑ Sell
 GBP/USD1.2475↑ Sell
 USD/JPY157.91↑ Buy
 AUD/USD0.6469Neutral
 USD/CAD1.3780↑ Buy
 EUR/JPY168.32↑ Buy
 EUR/CHF0.9808Neutral
 Gold2,295.80↑ Sell
 Silver26.677↑ Sell
 Copper4.5305↑ Buy
 Crude Oil WTI81.14↑ Sell
 Brent Oil85.62↑ Sell
 Natural Gas1.946↑ Sell
 US Coffee C213.73↑ Sell
 Euro Stoxx 504,920.55↑ Sell
 S&P 5005,035.69↑ Sell
 DAX17,921.95↑ Sell
 FTSE 1008,144.13Sell
 Hang Seng17,763.03↑ Sell
 Small Cap 20001,973.05↑ Sell
 IBEX 3510,854.40Neutral
 BASF49.155↑ Sell
 Bayer27.35↑ Sell
 Allianz266.60↑ Sell
 Adidas226.40↑ Sell
 Lufthansa6.714Neutral
 Siemens AG175.90↑ Sell
 Deutsche Bank AG15.010Neutral
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Cập nhật lúc 10:45:15 01/05/2024
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