Egyptian Economy
Al-Ahram Weekly
Egyptian Economy (Currency)
During this period of time followed by all the Strikes made by protestors in Al-Tahrir, The value of the pound dropped again less than before. Today the value of the pound traded at 6.05 LE to the dollar, which is the lowest value since 2004.
This slide came after violence violated between security forces and protestors followed by the Strikes made by some public and private companies and individuals. Bilal Khalil, deputy head of the exchange division of the federation of Egyptian Chambers of Commerce (FCC), Said that the dollar increased by 100 per cent Since the last Clashes. He Went on saying that People During the times of crisis preferred to convert pounds to dollars, this demand on the American dollar Resulted in This shortage of supply.
He Also Pointed Out That Armored money transfer vehicles were not safe because some criminals and law breakers target those vehicles for stealing and hijacks. These days, transferring dollars between banks and exchange companies became real danger than being ever before.
He continued Stating that many Vital banks and other exchange Countries near Al-Tahrir Square remain closed fearing of the danger and clashes in the Square, making the situation worse. Banks now decide whether to open or remain closing depending on Security issues in their locations.
Bilal Khalil is Optimistic during the conversation, he believes that banks can afford to have the required supplies to stabilize the market but they are just afraid of the Ongoing Situation in the country.
As usual in every crisis, he added, black markets emerged where everything especially the dollar is sold at higher prices; this weakens the economy of the country.
Salama El-Khouli, economist at the National Bank of Egypt, said in an interview with her that investors in Egypt especially the Local ones, who have got large quantities of dollar, keep and preserve them until the difficult times are over. Also,
Egyptian Economy (Currency)
During this period of time followed by all the Strikes made by protestors in Al-Tahrir, The value of the pound dropped again less than before. Today the value of the pound traded at 6.05 LE to the dollar, which is the lowest value since 2004.
This slide came after violence violated between security forces and protestors followed by the Strikes made by some public and private companies and individuals. Bilal Khalil, deputy head of the exchange division of the federation of Egyptian Chambers of Commerce (FCC), Said that the dollar increased by 100 per cent Since the last Clashes. He Went on saying that People During the times of crisis preferred to convert pounds to dollars, this demand on the American dollar Resulted in This shortage of supply.
He Also Pointed Out That Armored money transfer vehicles were not safe because some criminals and law breakers target those vehicles for stealing and hijacks. These days, transferring dollars between banks and exchange companies became real danger than being ever before.
He continued Stating that many Vital banks and other exchange Countries near Al-Tahrir Square remain closed fearing of the danger and clashes in the Square, making the situation worse. Banks now decide whether to open or remain closing depending on Security issues in their locations.
Bilal Khalil is Optimistic during the conversation, he believes that banks can afford to have the required supplies to stabilize the market but they are just afraid of the Ongoing Situation in the country.
As usual in every crisis, he added, black markets emerged where everything especially the dollar is sold at higher prices; this weakens the economy of the country.
Salama El-Khouli, economist at the National Bank of Egypt, said in an interview with her that investors in Egypt especially the Local ones, who have got large quantities of dollar, keep and preserve them until the difficult times are over. Also,