The US dollar price in Egypt’s parallel/black market witnessed a noticeable decline over the past days, falling to LE71 per dollar.
The dollar in the black market began a downward journey to levels that reached LE50 on Monday.
The decline is a result of information regarding the imminent entry of huge dollar liquidity from projects that are being prepared with some new investments, the Central Bank of Egypt’s decision to raise interest rates by two percent, in addition to strong campaigns against black market traders.
As a result of the fall in the price in the black market, god prices in Egypt declined by about LE600 from LE4,000 for the 21-karat to LE3,400.
The price of gold coins also decreased by about LE3,200.
The official exchange rate of the dollar in Egyptian banks and exchange offices is now between LE30.75 to LE30.58.
The black market in Egypt witnessed noticeable movements as a result of speculation on the dollar, which had caused the price of the dollar to exaggerate beyond its true value.
