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Egypt cut the price of the currency to 8.25 pounds to the dollar in the budget 2016-201


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Egypt cut the price of the currency to 8.25 pounds to the dollar in the budget 2016-201

Post by rocky on Tue 09 Feb 2016, 8:34 am

Egypt cut the price of the currency to 8.25 pounds to the dollar in the budget 2016-201

Cairo - Agencies
The Egyptian government started to prepare a draft budget for the next fiscal year 2016-2017 on the basis of the exchange rate of 8.25 pounds to the dollar, down from 7.75 pounds in the fiscal year Alhalah.oani proposed in the new budget exchange rate that the government will go directly toward reducing the official exchange rate for the currency from its current level at 7.7301 pounds to the dollar in a move that could attract a foreign investment that fled after the January 2011 uprising of many economic sectors, with the exception of the sector, two sources Alnafty.oukal government officials on Monday that Egypt is suffering from a crisis in the foreign currency resources put the next fiscal year budget for 2016-2017 on the basis of the price of 8.25 pounds to the dollar, compared with 7.75 pounds in the fiscal year Alhalah.oabulg dollar in banks is currently 7.83 pounds, while being traded in the gray market of more than 8.60 pounds. 
Egypt strongly resisted pressure to devalue the pound and working on the rationalization of dollar sales by tender weekly sale currency to banks which keeps the pound at a strong level in Mstuna.ohout the country's foreign exchange reserves of $ 36 billion in 2011 to about 16.477 billion dollars at the end of January, making it difficult for the central bank to protect the value of the Egyptian pound. 
he said one of the sources said. " the government started to prepare the state budget at the discretion of the foreign currency at 8.25 pounds to the dollar compared to 7.75 pounds in the draft 2015-2016 budget. It was the demand of the ministries to prepare a new budget on this price. " 
When Egypt started in preparation for the 2015-2016 budget, the dollar rate in February 2015 was about 7.63 Gnih.ovrdt Egypt's new restrictions in the last two months to curb the indiscriminate import clutter in light of the scarcity of resources hard currency in order to eliminate the loopholes that are exploited by some importers to evade fees and in order to save the public treasury resources Aljmark.omn between these limitations central demand for banks to obtain cash deposit 100 percent instead of 50 percent on import operations carried out to calculate the commercial companies or government entities and send import processes documents from bank to bank, no income, for the client in Zlk.kma the Ministry of Industry issued a decision to establish a register of companies that import including Egypt goods and tools Aforeig.ovi the end of January, Egyptian President Abdel Fattah al-Sisi issued a decision to increase tariffs on between 500 to 600 Slaah.oakd group's central bank last week's meetings with exchange offices to try to put a ceiling on the price of the dollar in the market Almoizih.oasmah Bank to formally exchange offices to sell the dollar by 15 pounds above or below the official selling price, but it is known that a bureau of asking a higher price for the dollar when it is former central bank governor Hisham Ramez Ahaha.otsdy directly to the black market and spoke publicly for crushed and closed dozens of exchange offices that sell prices is Smh.lkn bankers and traders said that the current governor Tarek Amer, who succeeded Ramiz in November to adopt a different approach as it tries to work with exchange offices to control the Alsoq.oukal director of a bureau of exchange briefed on the details of the central bank's meeting with major moneychangers "agreed to reduce the price of the dollar (the black market) to about 8.6 pounds." He added that "a step to raise the deposit ceiling for the dollar was the beginning of depreciation of the local currency . "and raise the Central Bank of Egypt in January the maximum deposit cash in foreign currencies to 250 thousand dollars a month from 50 thousand and no maximum deposit daily to cover imports of some commodities and products Alosasah.ozkr Bank that the new ceiling of 250 thousand dollars or its equivalent in foreign currency applies only to "legal persons" in order to meet the requirements for imports of some basic goods and products does not apply to "natural persons" economist. he said an Egyptian "Do not forget steps interest for investment certificates raise, which was intended to withdraw liquidity from the market next to the Ministry of Supply agreement with some stores lower commodity prices for a specified period.

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