Reasons for the decline in the price of the dollar this week


The price of the dollar witnessed a decline this week by “15 piasters”, which creates an additional strength for the pound that is gaining from the Egyptian economic recovery, after the government launched the economic reform program since 2016.

In the beginning of banks ’transactions last Sunday, the dollar witnessed a state of stability in front of the pound, recording 15.95 pounds for purchase and 16.05 pounds for sale, but he did not enjoy this stability much, to retreat on Monday by 6 piasters, recording 15.89 pounds for purchase and 15.99 pounds for sale, and then the process of decline followed by 3 piasters on Wednesday, recording 15.85 pounds for purchase and 15.95 for sale. Today, Thursday, about 5 piasters, recording 15.80 pounds for purchase and 15.90 pounds for sale.Dr. Islam Jamal Al-Din Shawqi, the economist, stated in a statement to Al-Ahram Gate that this retreat is due to several reasons, including:

The success of the economic reform program as there are no restrictions on foreign exchange, the exchange rate has become liberalized and reflects the true value of the dollar.

Increasing the foreign exchange reserves in the Egyptian Central Bank, which exceeded $ 45 billion, which contributes to increasing the foreign exchange supply.

All international institutions pay tribute to the Egyptian economy, the latest of which was the announcement by Standard & Poor’s Corporation in its sovereign evaluation of the Egyptian economy a few days ago to maintain the “B” while maintaining a stable future outlook.

International reports expect the Egyptian economy to achieve a growth rate of 5.7% during the current fiscal year, a decrease in the budget deficit, and the unemployment rate to 7.5% during 2020.

Praising the decrease in the interest rate in light of the low inflationary pressures, which helps to enable the government to issue longer-term securities during the coming period as well as to encourage investment.

The government’s ongoing efforts to improve the business environment through a package of structural measures, including the new public procurement law, the industrial land allocation mechanism, the export promotion and support program, and the public offer program for some state-owned companies.

Tourism receipts whose revenues are expected to reach $ 16 billion, which is an unprecedented number and among the new figures achieved by Egypt in the field of tourism.

The revenues of the Suez Canal, which amounted to nearly $ 6 billion.

Remittances from Egyptians working abroad, which, according to World Bank data, reached $ 26.4 billion.

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