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Price of the dollar on the Egyptian black market for currency trading jumped by more than 7 pounds during 5 days of this week, due to rising speculations by major manipulators.
Egypt’s black market exchange rate for the US dollar reached a record high of 62 Egyptian pounds, achieving a new record in currency trading on the black market, thus continuing the series of its rise that has been going on for weeks.
Observers noted that the price of the dollar on the black market rose for the first time in the country’s history above 62 pounds per dollar, compared to 55 pounds at the end of last week’s trading, which some attributed to “speculation on it from major manipulators and an unjustified price fluctuation that is not realistic.”
The gap between the official and unofficial prices is close to double, as it is trading in the banking sector near 31 pounds as of today’s trading, which is an official price that has been fixed since last March.
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