At a time when global financial markets and the region’s stock exchanges are subjected to more pressures in light of the dollar’s record rises, these declines have been reflected in the Egyptian stock market.
However, despite the rise of the global US dollar index and its crushing of many major currencies and emerging market currencies, the Egyptian pound succeeded in recording a surprise by cohesion at one time and rising at another time against the savage dollar globally.
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And before reducing its losses to 1.63%, the Egyptian Stock Exchange fell during Thursday’s trading by nearly 2%, equivalent to more than 210 points, down to the levels of 10,650 points before the end of trading.
The Egyptian Stock Exchange is trading near its lowest level in three weeks, while the stock market has lost more than 1050 points since the March 24 session, following the decision to liberalize exchange rates.
The main market index, the EGX 30 index, ended today’s trading with a decline of 1.63%, equivalent to 177 points, with transactions amounting to nearly one billion pounds after dealing with 337 million shares.
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On the other hand, from the declines of the Egyptian Stock Exchange, the Egyptian pound rose for the second day in a row against the US dollar in Egyptian banks, and spot contracts rose.
During trading yesterday, Wednesday, the Egyptian pound succeeded in recording gains in the range of 11 piasters against the dollar, after two sessions of stability and cohesion against the dollar, which is treading its record gains.
Today, Thursday, the exchange rate of the dollar in Egyptian banks, specifically in the National Bank, the largest national bank, fell 6 piasters to levels of 18.28 pounds for purchase and about 18.34 pounds for sale.
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With gains today, Thursday, the Egyptian pound rose against the US dollar in the range of 17 piasters within two days, coinciding with the rise of the main dollar index against a basket of major currencies today to the highest price in 20 years.
The exchange rate of the US dollar in the middle of trading today, Wednesday, in the largest Egyptian banks, reached about 18.34 pounds / dollars for purchase and 18.4 pounds / dollars for sale.
Regarding the exchange rate of the dollar in the Egyptian market, the day before yesterday, Tuesday, the largest Egyptian banks, the National Bank, recorded a purchase price of 18.45 pounds, while the selling price reached 18.51 pounds.
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Inflation rates exceeded the rates expected by the Central Bank of Egypt during April, thus putting new pressures on the Egyptian pound, amid expectations of a strong increase in interest rates in the next meeting in the range of 100 to 200 basis points.
The Central Agency for Public Mobilization and Statistics revealed that the monthly inflation rate in Egypt rose by 3.7 percent last April.
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He explained that the general consumer price index for the whole of the Republic increased during last April to about 129 points, compared to 124.4 points in March, by 13.1% compared to 10.5%, while it was expected that it would rise to 11.8%.
The monthly inflation rate in Egypt rose in March 2022 by 2.4% compared to February 2022, which rose by 2% compared to January, which was high by 1% compared to December 2021, which was down by 0.2%, after it was stable. In November.
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reserves and gold
The report issued by the World Gold Council for the year 2022 revealed that the Central Bank of Egypt purchased 44 tons of gold during the month of February.
The volume of gold at the Central Bank of Egypt increased by 54% to reach 125 tons by the end of February, or 17% of the total Egyptian reserves, which is the highest among the countries in the region.
And the Central Bank of Egypt announced last Sunday that net foreign reserves in Egypt rose by 41 million dollars last April, to reach 37.123 billion dollars, compared to 37.082 billion dollars in the previous March.
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The Central Bank of Egypt said that the value of gold included in foreign exchange reserves also increased during February 2022 by about 2.703 billion dollars, to reach 6.907 billion dollars, compared to 4.204 billion dollars at the end of January 2022.
On the other hand, the value of the listed foreign currencies declined to $31.585 billion, compared to $34.141 billion, and the SDR balance amounted to $2.508 billion, compared to $2.2642 billion at the end of January 2022.
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