US dollars prices fell in Eqypt

Eqypt facing shortage of dollars

Price of the US dollar on Wednesday faced enormous variations at the Egyptian  foreign exchange market . From EGP 0.02 for sale and EGP 0.06 for purchase , the value of dollars decreased at the Central Bank Of Egypt. The head of the treasury sector Mr. Tamer youssef at the other foreign bank operating from Egypt , increase in the dollar value has significiantly increased the demand of dollar in the late which is about to end.

According to tamer youssef , he expects by the end of 2016 the fluctuations and demand should settle down as almost all the companies will have finalized their  budgets  and their profit in transferring.

At HSBC bank dollar rate is about EGP 19.90 and it is same in National Bank of Greece Eqypt (NBG) and these banks have the highest amount of exchange rate in Eqypt market.

Actually currency shortage problem is no new for eqypt. When it comes to hard currency , Eqyptians lived more than it was expected. Eqypt imports currency more than it exports, the country deficit trade of more than US$ 

38 billion in last few years.

Although the liberalisation should help the country’s citizens to make their livelihood easy and should make the economy better but all things are going opposite as this is making their all life’s harder.

Eqypt is facing a high divergence between the official and unofficial rates.Eqypt government is now scrambling to get the dollars that are in need through dollars.Eqypt government is also discussing to the nearby country’s like Saudi Arabia for the medical help.

The country’s analysts also warn about the risks country can face due to devalue its currency. Analysts also told to bring foreign investors back to the country and should boast its competitiveness.

Due to this , Eqypt has also sighned loans worth atleast $6billion with world bank and African development bank and also talking for more to china and Saudi Arabia.