The value of the US dollar witnessed frequent fluctuation in the informal markets as the new selling price dropped to an average of EGP 12.40, from Al-Borsa’s recently reported EGP 12.50, while the purchasing price registered an average of EGP 11.9 on Sunday.
Daily News Egypt investigated the current informal exchange rates market and saw a wide spectrum of exchange rates that put the selling rates for the US dollar from EGP 12.30 to EGP 12.50 and purchasing rates between EGP 11.25 and EGP 12.25.
Ali El-Hariry, secretary to the chief of the Division of Exchange Offices for the Federation of Egyptian Chambers of Commerce, told Daily News Egypt that it is hard to anticipate or expect what is going to happen in the coming period in the exchange market.
The International Monetary Fund (IMF) recently approved a loan worth $12bn to be given to Egypt, with another $9bn in loans and grants coming from different sources. The IMF’s delegation arrived to Egypt today to negotiate the terms of the loan, Finance Minister Amr El-Garhy told Al-Borsa.