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The Central Bank: Foreign investors entered the Egyptian market again with amounts exceeding $925 million

البنك المركزي
central bank

)665 One million dollars increase in foreign exchange reserves during the last 4 months, despite the payment of $ 2.5 billion in foreign debt payments in November And December 2020

The Central Bank of Egypt said that the Egyptian exchange market witnessed a great positive movement since last Wednesday, as the price of the dollar rose to 33 pounds during Wednesday, before the price began to fall to 23.34 pounds at the end of today’s dealings. 2020 The Central Bank stated, in a statement today, Monday, that it had monitored a set of positive indicators related to the exchange rate, represented by This resulted in a significant increase in the banks’ foreign exchange earnings, whether from the local market or remittances from Egyptians abroad, as well as from the banking sector Tourism, as well as the entry of foreign investors into the Egyptian market again since last Wednesday, with amounts exceeding 925 million dollars. He indicated that the indicators revealed a large boom in trading amounts in the interbank market during the past days. Where the trading amounts recorded an increase of more than 02 twice compared to the recorded daily amounts Recently. 2020 The Central Bank confirmed that the banking sector covered more than 2 One billion dollars of requests from Egyptian importers during the past three days, in addition to covering other requests for clients of Egyptian banks, which confirms the ability of the banking sector to cover pending currency requests for importers as soon as possible.

The Central Bank indicated that banks are promoting financial derivatives operations in the exchange market, with the aim of providing an integrated financial service that allows bank customers to hedge against the risks of price fluctuations. Exchange.2020 According to the Central Bank, the volume of foreign exchange It witnessed an increase in the value of 53 million dollars during the month of December, to reach billion pounds compared to 32.53 One billion pounds at the end of last November. He indicated that it continued to rise for the fourth month in a row to achieve an increase of more than 860 million dollars during the last four months, despite the payment of about 2.5 billion dollars in payments related to the state’s external indebtedness, by 1.5 billion dollars during the month of November and one billion dollars in December. 2020 He explained that foreign exchange reserves recorded the highest level at the end of December It has since May 2020, covering about 5.4 months of Egypt’s foreign imports, which exceeds the measures of reserve adequacy according to international standards.