54 Days
Source:
بوابة الشروق
Foreigners offload $1.5B local debt
Foreign investors' transactions in local debt instruments in the secondary market recorded a net sale of $1.5 billion last week, adding pressure on the Egyptian pound against the dollar to approaching 52 pounds. This follows total sales by foreigners and Arabs amounting to 73.7 billion pounds (approximately $1.45 billion). These sales occur amidst renewed regional tensions between Iran and the United States. However, experts confirmed that the rise in the dollar is not primarily due to foreign divestments, as foreign currency inflows from other sources—such as bank reserves and remittances from expatriate workers—have improved and are no longer significantly impacting the exchange rate. The continued demand for dollars to meet import needs also plays a role. Sources expect the dollar to continue rising against the pound, especially with increasing demand, with projections suggesting it could reach 52.60 or 52.70 pounds if political tensions persist.
Size: 120%Text Size
Notice: This Is an AI-Generated Summary
Comments (0)