Chairman of the exchange section at the Union of Commerce Chambers Mohamed Al-Abyad said the price of dollar was EGP 9.70 on Wednesday following the new decisions by the Central Bank of Egypt (CBE) Tuesday.
CBE decided Tuesday to remove caps on deposits and withdrawals of foreign currencies for natural persons.
CBE permitted in February 2015 the natural persons to deposit in the range of $10,000 per day with a maximum limit of $50,000 monthly, and a withdrawal of foreign currencies in the range of $50,000 per day, without a monthly limit.
“Further decreases are expected for the dollar price in the informal market until reaches to EGP 9.30 at the beginning of the next week,” he said.
Al-Abyad also explained the dollar recorded the highest irregular price at EGP 9.85 and the highest amount of transactions was done on the price of EGP 9.80 while the price which dominated the market, the most real, was EGP 9.75.
“Dollar holders are trying to prevent more decreases on the price to avoid further losses,” he said.
Executive manger of the Egyptian Saudi exchange company Wael Badawy said the decision of putting restrictions on foreign currencies was faulty from the beginning and the new decision has corrected it.
“Removing restriction on the natural persons’ dealings is a positive way to rein in dollar prices in the irregular market which allow a reduction on the pressure on the liquidity which will be reflected as further increase in the international monetary reserves,” he said.
The dollar buying price stands at EGP 7.806 Wednesday and selling price at EGP 7.83, according to CBE.