Dollar Drops in Black Market
Sudan Events – Nahed Oshi
The circulation of the dollar in the Egyptian (black) market witnessed remarkable stability today, Friday, at 47 pounds for buying and 48 pounds for selling. The stability comes after crossing the fifty-pound barrier due to several factors, including:
The stability of the price of the US dollar against the Egyptian pound in Egyptian banks.
Demand for the US dollar declined on the black market, after its prices rose during the recent period.
With the increase in the supply of US dollars on the black market, as a result of the return of some Egyptians working abroad to Egypt.
The Egyptian security authorities also tightened their grip on dollar trade outside the system of official channels, and Article 126 of the Foreign Exchange Trade Law stipulates that anyone who deals in foreign exchange “dollars” shall be punished with imprisonment for a period of no less than three years and no more than ten years, and a fine equal to the amount involved in the crime. “Outside approved banks or licensed entities.
