The dollar price at the black market for currency speculation (the unofficial market) witnessed a significant decline by about five pounds during Thursday’s trading – the first time in a month. The sources added that the movements of the price of the dollar on the black market, whether rising or falling, are strongly affected by the size of the sudden demands for it. The higher the demand, the higher the price, or vice versa. Thus, the gap in the dollar exchange rate between the black market and the banks decreased to about 16 pounds, as it recorded in the banking sector around 31 pounds, a fixed rate, since last March. The price of the dollar rose against the pound by about 96 percent, after three waves of devaluation of the pound – bringing the dollar price from 15.76 pounds on March 20, 2022 to about 30.94 pounds now, which has remained stable.

Source: Egypt Independent December 01, 2023 05:36 UTC