Egyptian Pound Official Exchange Rate Equal To Black Market Rate

Following sharp fluctuations since the beginning of talk about the Central Bank of Egypt's decision to float its currency in the past few weeks, the Egyptian pound exchange rate in Kuwait reached parity with its purchasing value on the black market for the first time in about five months.

This parity is becoming increasingly important because it indicates a new path for the Egyptian currency's exchange rate, which has recorded wide margins between the official and parallel markets, reaching historical levels where a thousand pounds cost 8.6 Kuwaiti dinars a few weeks ago, down from 16 dinars in circulation before mid-August, according to Al-Rai daily.

Exchange companies in Kuwait fluctuated yesterday between 10.350 and 10.460 dinars per thousand to exchange the pound against the dinar, while black market prices were stable.

After the open black market in Kuwait devoured most of the exchange companies' customers during the past months, this path returned activity to exchange companies.

As reported by relevant sources, Kuwaiti currency dealers started refusing to carry out transfers for their traditional customers, which contradicted their behavior in the past few months. As a result of this significant expansion, their business attracted a larger segment of customers to the point of breaking prices among them by reaching a point of competition.

 

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