The dollar continued its decline against the pound to lose 6 piasters in two days on average. The price fluctuated during yesterday's trading between 16.99 pounds for buying and 17.09 pounds for sale at the National Bank of Egypt, while traders considered that this decline will positively affect markets.
Yesterday's trading witnessed a decline in the purchase price in 8 banks below EGP17, namely: "Egypt, Alexandria, Arab African International, National Bank of Egypt, Promises, Commercial International Bank, Emirates NBD and Qatar National."
Eng. Ibrahim Al-Arabi, Chairman of the Cairo Chamber of Commerce, said that the rise in the price of the pound and the decline in the dollar will have a reaction to prices falling within the markets. He said that the markets are currently suffering from an "inflationary recession". Purchasing power of traders. Al-Arabi told al-Watan that if the dollar continues to decline, the market's response will not be immediate, stressing that the prices are falling by the same rate of decline in the dollar exchange rate, taking into consideration supply and demand, pointing out that the decline in some commodity prices may lead to increased demand On them, which may push prices to some heights. Hamdi Al-Najjar, head of the general division of importers of the General Federation of Chambers of Commerce, expressed his optimism about the dollar's decline. He said that the decline will lead to lower prices and a market move in terms of selling, in light of the current recession, due to previous gains in the dollar, For some goods and others.
"Carpenter": If the dollar fell to 16 will reach the decline for the quarter
Al-Najjar expected some commodities to fall by as much as 25 percent if the dollar fell to 16 pounds.