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Dollar rate in banks rises to 53 pounds
The exchange rate of the US dollar in Egyptian banks has risen to exceed 53 pounds, despite a 27.2% increase in remittances from Egyptians abroad during the first eight months of the year, which totaled $33.9 billion. The rise is attributed to exchange rate volatility resulting from increased demand for the dollar from the import sector, driven by higher shipping and energy costs, along with regional geopolitical tensions that are prompting investors to hedge their savings in hard currency. Additionally, the Federal Reserve's decision to raise interest rates has contributed to increased demand for the dollar, with an inverse relationship to gold, leading to a continued decline in the stock market. However, forecasts indicate that the exchange rate is likely to stabilize between 52 and 53 pounds over the next two months, provided no external shocks occur.
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