For the first time in about 5 months, the exchange rate of the Egyptian pound in the official market in Kuwait reached a parity point with its purchasing value traded on the black market, after the past weeks witnessed sharp fluctuations since the start of talk about the Central Bank of Egypt’s decision to float its currency.
The importance of this parity is growing in that it reflects a new path for the exchange rate of the Egyptian currency, which recorded wide margins between the official and parallel market, reaching historical levels where the price of a thousand pounds a few weeks ago reached 8.6 Kuwaiti dinars, down from 16 dinars that were in circulation locally before mid-August, reports Al-Rai daily.
In practice, the rates of exchange companies in Kuwait varied yesterday to exchange the pound against the dinar, between 10.350 and 10.460 dinars per thousand, while the black market prices stabilized at the same rate.
Among the gains of this path is the return of activity to exchange companies, which have suffered during the past months from a significant decline in their business, after the open black market in Kuwait devoured the majority of its customers.
Relevant sources confirmed that the well-known currency dealers in Kuwait began refusing to carry out any transfers for their traditional customers, which contradicted their behavior during the past months, which reflected a significant expansion of their activity that reached the point of competition to attract a larger segment of customers to the point of breaking prices among them.