collected by :Irax John
In a meeting with currency dealers on Wednesday, the SBP pressed them to bring down the dollar price as soon as possible.
Currency dealers told the SBP that the sudden fall of the rupee’s value by 3.1 per cent against the dollar on July 5 shattered market confidence.
Currency dealers said the inward remittance against the export of currencies other than the dollar dropped drastically in June to $79 million mainly because of Haj.
The open market is facing a shortage of the greenback as its demand is higher than supply.
The practice stopped in 2016 and now these Hajis also buy riyals (equivalent to $1,000) from the open market.
Custom unite states dollar price declines to LE16.25
As it stated in In a statement Sunday, the Minister of Finance Amr al-Garhi said the Ministry will decline the custom US dollar price to LE16.25, starting from August 1 until August 31.
Garhi added that today the Customs Authority will send a list that includes the new exchange rate to the Egyptian custom ports and outlets to put it into effect.
The decreasing demand of the US dollar, as well as offers of Egyptian Pound saving schemes with attractive rates, led to the drop of the US dollar exchange rates by 30 piasters, Farouk told al-Masry al-Youm.
Youssef Farouk, deputy CEO of al-Ahli Exchange Company, owned by the National Bank of Egypt (NBE), expects the US dollar exchange rates will stand at an average of LE17, excluding a sharp drop to US dollar prices over the next months.
“The custom US dollar price has not changed since it was fixed at LE16.50 four months ago,” Garhi pointed out, explaining that the decline comes in line with the decreasing prices of the US exchange rate against the Egyptian pound over the last period.
As it stated in The home got its first $4 million price cut just three weeks ago.
The East Hampton estate, which spans 10,000 square feet across six acres of land, just went down in asking price again, cutting $6 million from the price tag.
Listed with agents Ed Petrie and James Petrie of Compass Real Estate, the home has seven bedrooms and nine and a half bathrooms.
Inside, there is plank-wood flooring, coffered ceilings, ocean views, and a fireplace with a carved mantle in the master bedroom.
The topic of conversation this time around is, again, the price.