The rise of the dollar on the black market is unjustified and we are waiting for a hard blow from the central bank
A responsible banking source said in exclusive statements on Banker’s website that the dollar’s rise on the black market is not justified and that there are hands that want to “sabotage the country’s economy,” indicating that the dollar crisis is and will be artificial disappear during the coming period.
The source added in exclusive statements to the Banker website on Thursday that the Central Bank has many tools that it will use at the right time to completely eliminate the black market and inflict huge losses on speculators, explaining that the Central Bank is preparing a package of measures. decide to dry up the sources of the black market and that these decisions will come as a surprise to the market.
The same source said that what is happening on the black market indicates that there are hidden hands that want to harm the Egyptian economy and not just gain, and wonders: how will we hear in a few hours that the dollar is on the black market has reached $48? pounds and 50 pounds? Does this make sense?.
The source continued: The Central Bank has managed to provide approximately $56.5 billion to release the goods that had accumulated at the ports between January and mid-October, and this also coincides with the continued increase in foreign exchange reserves for the thirteenth month in a row.
The balance of foreign exchange reserves during the month of September was approximately $34.970 billion, compared to $34.928 billion at the end of August.
Egypt’s foreign reserve consists of a basket of major international currencies, including the US dollar, the common European currency, the euro, the British pound, the Japanese yen and the Chinese yuan, with a percentage divided based on the exchange rate. the rates of those currencies and the degree of their stability on international markets, and these are changing according to a plan drawn up by officials of the Central Bank of Egypt.
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