Banking sources revealed to Al-Rai newspaper a significant demand for the sale of Arab and foreign currencies in the Egyptian official market, along with a resurgence in remittances from Egyptians abroad to local banks, causing a notable disruption in the parallel currency market.
The head of the Federation of Banks and the head of the Bank of Egypt, Mohamed El-Etreby, stated: “We are currently observing a tangible increase in remittances from Egyptians abroad to banks, as well as a growing desire among customers to sell the dollar and other currencies to banks.”
This indicates a shift in the perspective of international institutions regarding the state of the Egyptian economy, confirming the viability of direct investment.
Last Wednesday, the Central Bank of Egypt implemented a series of exceptional measures, including the liberalization of the exchange rate. This move caused the price of the local currency to reach 50 pounds, a significant increase from the previous rate of about 31 pounds before the liberalization.
Egyptian Finance Minister Mohamed Maait stated that his country has released goods worth $13 billion since the beginning of 2024. He further announced in a press conference that Egypt aims to clear all goods piled up in the ports soon.
Shahat Ghatouri, the head of the Customs Authority, disclosed that the total value of goods and merchandise released from the beginning of March until Sunday, March 10 amounted to $1.2 billion. He estimated the daily release volume to be approximately $280 million.
