Is the dollar rising in Egypt or not......

The price of the dollar in Egyptian banks rose today, Wednesday, coinciding with the International Monetary Fund's approval of the disbursement of the fourth tranche of the loan granted to Egypt, amounting to 1.2 billion dollars. The fund also approved granting Egypt an additional 1.3 billion dollars under the flexibility and sustainability program.

Egypt has witnessed austerity measures over the past months to reduce the fiscal deficit, which included cutting subsidies, raising fuel, transportation, and service prices, in addition to devaluing the pound by 40% and raising interest rates.

The fund approved adjusting the targets for financial indicators and reducing the primary surplus to 4%, noting the improvement in the exchange market and narrowing the gap between the official and parallel rates.

The dollar price recorded its highest level at Abu Dhabi Islamic Bank at 50.65 pounds for buying and 50.75 pounds for selling, while it reached 50.62 pounds for buying and 50.72 pounds for selling at the National Bank of Egypt, and at the Commercial International Bank, it was 50.64 pounds for buying and 50.74 pounds for selling.

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