Dollar price expectations have become a concern for many in Egypt today as it is of paramount importance at all economic levels due to the fact that it intersects in all walks of life.
The Echo of the Country website reviewed the top 10 important statements from major figures on dollar price expectations in the coming days after central bank movements, as well as dollar price expectations in line with global conditions.
As for Egypt’s first dollar price forecast, Mahmoud Abul-Oyun, a former central bank governor, said the dollar’s price will decline in the future, adding that some say that the dollar’s price will reach astronomical numbers, which is not true.
Abul-Ayun, in statements to the Echo of the Country TV channel, said that if the Ukrainian crisis ends, the price of the dollar will decrease, even if it will grow slightly, but will decrease due to flows from foreign investment, remittances from Egyptians abroad and tourism, noting that the potential The Egyptian economy is huge, and part of it isn’t even being used right now.
A number of experts and analysts expected the dollar to rise based on the analysis of the global scene and the spikes caused by the price of the dollar in the recent period, as Echo of the Country polled the opinion of some economists on the price. dollar in the coming period, whose opinions varied between a significant dollar growth and a relative growth of the US currency.
Dr. Yaman El-Hamaki, economic expert and professor of economics at Ain Shams University, according to several economic indicators, expects a slight increase in prices in US dollars in the coming period.
Al-Hamaki added that the economic indicators showing a slight increase in the price of US dollars are the Central Bank’s recent announcement that the currency gap in the banking system has narrowed to $400 million, and the scientific method followed by the new acting Central Bank Governor, who asked the banking system to limit import requests needed for the coming period so that he could know the bank’s ability to meet them, in addition to increasing foreign exchange from acquisitions, foreign investment and tourism.
She pointed out that the promotion of exports and the involvement of small enterprises in export operations will lead to the stability of the US dollar, and it may even decrease.
Dr. Rashad Abdo, economic expert and head of the Egyptian Forum for Economic and Strategic Studies, expects the dollar to rise in the coming period as a result of interest rate hikes by some private banks.
He said that the IMF loan could affect the movement of the dollar and lead to an increase in its price.
In this context, media spokesman and spokesman Youssef Al-Husseini said during the program “Ninth” on Channel One: “Whoever has a dollar, he shows it, and the bank gives it to him … catch yourself before September 15”, that is, until the fourth and most important expectation.
Journalist Youssef Al-Husseini urged Egyptians to exchange their savings for hard currency, especially the dollar, by September 15, stating: “Investment will come to Egypt in the coming period.”
Al-Husseini said: “For the sake of God, advise whoever has a dollar to give it to the bank before September 15 … Love and stubbornness on my part is right … The time when no one heard the words, and then everyone ran to change the dollar in the bank … Okay, that’s right.”
He stressed that in the coming quarters there will be investment flows from Europe to Egypt, warned against holding the dollar in the current period and considering it as part of the investment.
Fifth, deputy central bank governor Gamal Negm denied any significant devaluation of the local currency in the near future in response to statements about Egypt’s intention to devalue the pound, stressing that the price of the dollar would not be allowed to rise to record levels.
Negm said in press statements that Egypt’s foreign exchange deficit narrowed significantly to $400 million last month from $3.9 billion in February.
Regarding the sixth forecast, Extra News presented a report on the unprecedented incentives to support foreign investment in Egypt, explaining that the public ownership policy document strikes a balance between the private and public sectors.
The report says that the government expects an increase in the flow of investment from the Arab countries of the Persian Gulf to Egypt, in addition to increasing foreign investment receipts to $10 billion by the end of 2022, which will affect the price of dollars in Egypt.
According to the report, foreign companies are encouraged to settle their projects in Egypt, highlighting Egypt’s importance in connecting Asian and European markets.
In the seventh forecast, Ali Al-Idrisi, an economist and member of the Egyptian Association for Economics and Law, said that the depreciation of the dollar against the local currency would only come from inventing ideas that encourage Egyptians to invest in dollars. especially Egyptians abroad.
Al-Idrisi added in statements to Echo of the Country that the best way to attract investment is to list shares of state-owned companies for workers abroad in dollars, to subscribe economic projects in dollars, and to attract interest on dollar certificates and other ideas. .
In the Eighth Outlook, financial analyst Ahmed Moati, in statements to Echo of the Country, said the dollar would hit a record 20 pounds against the pound, adding that the declining monetary reserve witnessed a slowdown and that Egypt’s foreign exchange reserves fell by about 2 billion in June. In May, about 1.6 billion dollars, and in July last year, the reserves decreased by only 262 million dollars.
In terms of income, he pointed out that non-oil exports increased by 20%, and the Suez Canal reached the highest income, exceeding $7 billion, and Egyptian remittances abroad amounted to more than $29 billion, in addition to the tourism that started. for improvement and growth Its revenue is more than 9 billion dollars.
Financial analyst Ahmed Moati noted that the projects of Saudi, Emirati and Qatari investment funds will support the stability of the US dollar against the Egyptian pound.
Ninth, Hanan Ramses, an expert on financial markets, said that it is difficult for the dollar to fall to 15 pounds against the Egyptian pound.
Hanan Ramses explained to Sada El-Balad why it is difficult for the US dollar exchange rate to fall to 15 Egyptian pounds, pointing out that one of these reasons is the increase in interest rates by the US Federal Bank, which supports the price of the dollar. against other currencies.
She added that one of the reasons that the dollar is not depreciating is the Ukrainian crisis and its impact on the tourism sector, which is one of the most important sectors providing foreign exchange, in addition to Egypt’s payment of more than $20 billion. in connection with the payment of interest and payments on the loan.
Finally, Mohamed El-Etrebi, Chairman of the Board of Banque Misr, President of the Federation of Egyptian Banks, revealed the reason for the limits on withdrawals and deposits in banks, noting that this is due to the spread of a new coronavirus infection. virus.
In statements to Echo of the Country, he added that reliance on electronic payments has increased, saying: “Any citizen can deposit any specific amount in banks.”
He stressed that the reason for limiting the deposit limit in ATMs to 20,000 pounds is related to the ability of machines to absorb funds, explaining that the whole world is currently suffering from the effects of inflation due to global crises.
He emphasized that the state is able to overcome the current crisis with the support of citizens, saying: “We reassure citizens that the dollar is available in all banks in addition to great liquidity and Egypt is part of the world in the crisis that the world is going through.”
El-Etrebi said that in the coming days, the central bank will announce a number of positive decisions, reassuring citizens that the central bank and the banking sector are able to overcome the current crises in cooperation with the government in light of the ongoing coordination between all parties, which will affect the price of the dollar in Egypt.
He explained that the Banque Misr had previously succeeded in the crisis that the Credit and Trade Bank suffered after its bankruptcy and managed to protect it and manage the crisis, explaining that Egypt has the ability to overcome the current crises by directing his speech to the Egyptian Citizen: ” Your money is safe and don’t worry.”
Source: Echo of the Country website.