The terrorist events in Sinai raised the dollar exchange rate on the black market for up two piasters to LE7.50 for the first time in six months.
A director of an exchange bureau speaking on condition of anonymity said importers were reluctant to buy dollars on Sunday, arguing that the rise is exceptional and preferring to wait until the rate falls again.
An official of the International Commercial Bank said the dollar exchange rate at banks remained the same at LE7.15 for buying and LE7.18 for selling, pointing out that there was no demand for the dollar this week. He also said the bank implements the instructions of the Central Bank to provide 100 percent of importers’ requests for hard currency.
Bilal Khalil of the Federation of Chambers of Commerce said the rise in the dollar exchange rate on the black market is temporary, adding that the daily demand ranges between $10 and $15 million.
“Banks are the main reason for the emergence of the black market because they do not meet the demands of importers,” he said. “The rate will do down 5 piasters if importers stop buying for three days.”
He also said that the Central Bank has no solution to the problem but to wait for the winter season tourism to provide hard currency.
Edited translation from Al-Masry Al-Youm
