Belal Khalil, deputy chairman of the Foreign Exchange Division of the Federation of the Chamber of Commerce, has warned the dollar will continue to decline as a result of increases in Egypt's foreign currency reserves.
Consumers have refrained from buying dollars recently, helping to push prices further down, Khalil said. Some have even got rid of their currency to avoid incurring losses.
Khalil also stressed that the dollar is available on the market. Low demand for the dollar has been exacerbated by the Eid vacation, he added.
The difference in price between the dollar on the official and parallel markets currently stands at seven piasters, with the purchase price of the dollar at LE6.99 and the selling price at LE7.01 on the official market and around LE7.08 on the parallel market.
Edited translation from Al-Masry Al-Youm
