The dollar continues to bleed against the pound, and expectations of a continued decline

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The price of the dollar continued to bleed its losses against the pound in the local exchange market, bringing the total lost during the first half of January to about 20 piasters, amid expectations of a continued decline, driven by the decline in purchases, waiting for further decline.

The exchange rate of the dollar in banks on Thursday ranged between 15.76 pounds and 15.80 pounds for purchase, while selling ranged between 15.86 pounds and 15.90 pounds.

The price of the American currency in the Suez Canal Bank was 15.76 pounds for purchase, and 15.86 pounds for sale, while at the National Bank of Egypt – the largest government bank in the market – 15.80 pounds for purchase, and 15.90 pounds for sale.

The Commercial International Bank – the largest private bank in the market – reached 15.77 pounds for purchase, and 15.87 pounds for sale, and the same price was recorded in several banks, most notably the Arab African International, Construction and Housing, the United Bank – owned by the Central Bank -, Qatar National Bank, and the Arab Bank International.

The dollar price was recorded in several banks, most notably Cairo, Export Development, Audi, Credit Agricole, Alexandria, HSBC, Al-Ahly United, 15.78 pounds for purchase, and 15.88 pounds for sale.

For his part, Youssef Farouk, Vice President of Al-Ahly Exchange Company – owned by the National Bank of Egypt, expected the dollar to continue declining during the coming period, supported by the expectation of the decline, and the holders of the currency waived it, and waiting for those wishing to purchase to further decrease the price of the American currency.

Farouk also predicted in “special statements” that the price of the dollar at the end of this month will reach 15.61 pounds, stressing that the American currency lost about 20 piasters within 15 days, at the average market prices.



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