The Central Bank fixed the dollar exchange rates at the end of trading today, Thursday, 22-9-2022, with anticipation for the decision of the Monetary Policy Committee’s meeting on the interest rates on the pound.
Dollar prices today are stable in banks without change:
Although there were expectations from some analysts about the possibility of a sudden drop in the value of the pound in conjunction with the meeting of the Central Bank today, the dollar prices witnessed stability in the Central Bank at levels of 19.42 pounds for purchase and 19.53 pounds for sale.
Dollar prices also witnessed stability in the transactions of the rest of the banks, at the conclusion of today, Thursday, 22-9-2022, as the National Bank stabilized the price of the dollar at 19.44 pounds for purchase and 19.50 pounds for sale, and the dollar exchange rate at the Commercial International Bank stabilized at 19.46 pounds for purchase and 19.52 pounds for sale. Abu Dhabi Islamic, Al-Ahly of Kuwait, and the Arab Investment Bank at 19.49 pounds for purchase and 19.52 pounds for sale.
The price of the dollar today in the Arab African Bank settled at 19.44 pounds for purchase, and 19.52 pounds for sale.
Dollar prices await the central meeting:
Dollar prices stabilized today in banks amid anticipation of the decision of the monetary policy committee meeting of the central bank, which is expected to raise interest rates by about 100 basis points to control inflation, and enhance the pound’s strength against the dollar after speculative operations appeared on it.
Hani Genena, an economist, expected that the Central Bank of Egypt would raise interest rates at this meeting so that there would remain attractiveness for investment on the pound by local and foreign citizens, noting that it would continue to increase it by 2% to 3% until the end of 2022.
Today’s interest rate forecast:
Despite the possibilities of raising them, some banks tended to stabilize them in order not to raise the debt burden, and to continue supporting economic growth to avoid entering a recession, and the current interest rates are suitable to reduce inflation levels.
Radwa Al-Suwaifi, an economist, said that she hopes that the central bank will take a bold decision to fix interest rates, especially since raising them will not affect the containment of inflation resulting from external factors, and an increase increases the debt burden on the state.
The last meeting of the Central Bank announced that the interest rate would be fixed at 11.25% and 12.25% on deposits and lending, after it had previously raised it by 3% since the beginning of the year.
For a sudden drop in the value of the pound:
Dollar prices witnessed a decrease of 7 piasters this week, amid the Central Bank’s continued adoption of the flexible exchange rate policy by a gradual devaluation of the currency against the dollar.
“At the moment, we do not expect a sudden drop in the value of the dollar against the pound at the present time,” said Allen Sandeep, head of research at Naeem Securities.