India's First International News Journal

32.1 C
Tuesday, June 6, 2023
NewsEgypt.. The dollar exceeds 40 pounds for futures contracts, and parallel market...

Egypt.. The dollar exceeds 40 pounds for futures contracts, and parallel market activity awaits the Central Bank meeting.


The futures contracts for the Egyptian pound continued their strong declines again, to reach unprecedented levels today, Tuesday, as they have now crossed the 40-pound barrier against the dollar for 12 months, according to agency data. "bloomberg". At the same time, the gap between CIB’s share price increased between the Cairo and London stock exchanges, indicating a scarcity of the dollar and that there is an imminent decline in the pound.

The futures contracts for the pound against the dollar had fallen to 35 pounds per dollar at the end of last year, then fell again on March 1 to levels of 37 pounds per dollar, before reaching 39 pounds per dollar last week, until it has now reached 40.25 pounds per dollar. for 12 months.

The decline in futures contracts coincides with the stability of the pound against foreign currencies in the official market during these moments of trading today, Tuesday, awaiting the meeting of the Egyptian Central Bank at the end of this month regarding interest pricing, which comes about a week after the meeting of the US Federal Reserve (the American Central Bank) for the same reason.

Forward contracts are derivative financial contracts that commit parties to transacting with an asset at a predetermined future date and price.

Futures contracts predict the amount of demand for the dollar and its price in the future, as it is dealt with like a stock. The higher the demand for it, the higher its price.

The buyer must buy or the seller must sell the underlying asset at the specified price, regardless of the current market price on the expiration date.

Parallel activity of the black market In parallel with the increase in the volume of demand for the dollar, the price of the dollar is active on the black market, as it recorded an increase during the past two weeks, compared to the official price in banks and money exchanges.

According to data circulated two days ago, the price of the dollar in the parallel market reached 36 pounds.

Officially, the price of the dollar recorded today, Tuesday, 30.9 pounds for purchase, and 30.95 pounds for sale. Expectations indicate that the Egyptian pound will continue to decline against the dollar "Credit Suisse"It is likely that the pound will decline during the coming period in the short term, so that the dollar exchange rate will rise to a level of 35 pounds.

As expected by the bank "Societe General"The price of the dollar reached 34 pounds in the short term, by the end of this March.

Bank said "HSBC"His expectations indicate that the exchange rate of the dollar will range between 30 and 35 pounds, and he set the average price at the level of 32 pounds.

Copyright © 2023 The Eastern Herald.

Arab Desk
Arab Desk
The Eastern Herald’s Arab Desk validates the stories published under this byline. That includes editorials, news stories, letters to the editor, and multimedia features on


Please enter your comment!
Please enter your name here


Millionaire Aisle Raffle Draw


Latest News