The surprise of floating the pound at the meeting of the Central Bank of Egypt..and the Egyptian government deals a fatal blow to the dollar


https://www.youtube.com/watch?v=3jize8BcnHw

Egyptian economy news - Egypt's economy Central Bank meeting - Central Bank of Egypt - Egypt - Egyptian pound - Floating the pound - Fourth floatation - The dollar - The Egyptian government - The exchange rate of the pound

New Egypt news, the latest news of the Egyptian economy today, and new Egyptian economic affairs are presented by this episode of Samari TV.

And the beginning of a set of declines in prices witnessed by the Egyptian market after a general wave of record highs. As gold prices fell in Egypt until yesterday evening, Wednesday, before recording a slight increase in the price per gram today, under the weight of the increase in gold prices in the global stock market. The sharp drop in the price of the dollar against the Egyptian pound on the black market continued, pressured by the state of anticipation that prevails in the market before the meeting of the Central Bank of Egypt today to set new interest rates in banks.

Madness in gold prices in Egypt and the Egyptian market, where gold prices fell 7% of their value in the past few days
Also, dollar prices on the Egyptian black market began to decline, and dollar prices on the black market began to decline
Also, futures prices for the Egyptian market have now recorded 42 Egyptian pounds, now they have recorded 32 Egyptian pounds!
Has the Egyptian economy achieved a new boom?

Finally, iron ore and cement prices recorded remarkable declines after weeks of continuous rise.

On the other hand, Egyptian Prime Minister Mostafa Madbouly said at a meeting of the Central Bank of Egypt that the Egyptian pound is undervalued due to the severe shortage of hard currency in the country, expecting the pound or the local currency to return to its normal state with Cairo's success in foreign investments.

Egyptian Finance Minister Mohamed Maait also said at the Central Bank of Egypt meeting that he expects the current economic crisis in Egypt to end by the end of this year, according to which the US dollar will return to decline against the pound. Maait also stressed, at the meeting of the Central Bank of Egypt, Cairo's success in paying off its debts from international bond dues during the first quarter of this year.

Where the American Bank Citigroup also said in a previous episode in its latest report on the Egyptian economy that Cairo will not decide to liberalize the exchange rate of the pound against the US dollar except at the end of the current fiscal year at the end of next June or at a meeting of the Central Bank of Egypt.

This is in contrast to reports that Western agencies had issued and expected a near floatation of the local currency in Egypt, which is experiencing an economic crisis as a result of the acute shortage of foreign exchange in the Central Bank of Egypt.

Citigroup interpreted its prediction as the Egyptian Ministry of Finance's desire to wait for the revenues of the swimming pool and the Suez Canal to achieve relative dollar abundance before making the flotation decision, which is expected to have negative effects on the Egyptian street after the meeting of the Central Bank of Egypt.

On the other hand, the episode confirms that the sale of assets carried out by the Egyptian state will take longer than expected, as Dr. Hala Al-Saeed, Minister of Planning in the Egyptian government, said that negotiations with those wishing to buy a national oil company owned by the Egyptian army will require about 4 full months before reaching a conclusion. to agreement.

Dollar is slowly going down