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Égypt-actus
Égypt-actus
revue de presse sur l'actualité culturelle, archéologique, politique et sociale de l'Égypte
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Les dollars sont très recherchés au marché noir au Caire.

Les dollars sont très recherchés au marché noir au Caire. | Égypt-actus | Scoop.it

Egypt's central bank has taken extraordinary steps to prop up its currency and curb a black market in foreign exchange - but in back alleys and money changing shops around the country, illicit dealing continues to thrive.

This stubborn survival shows the limits of the economic recovery since Islamist President Mohamed Morsi was ousted last July, despite inflows of billions of dollars in aid from governments in the Gulf.

Sluggish tourism revenue and foreign investment are keeping supplies short, along with many overseas Egyptians' preference to send money home via the black market, where they get a better exchange rate.

The central bank is in its second year of auctioning hard currency to satisfy demand; last month it conducted its biggest auction, selling $1.5 billion. It has also shut down some money changing firms for manipulating prices.

But dollars are eagerly sought on Cairo's black market and currency traders at banks say they haven't been able to meet their clients' demand through official channels for months.

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La monnaie, nouvelle victime de l’instabilité en Égypte

La monnaie, nouvelle victime de l’instabilité en Égypte | Égypt-actus | Scoop.it

L‘économie est en crise, et la livre ne cesse de chuter face à d’autres devises. Des devises de plus en plus difficiles à trouver dans les bureaux de change en raison de la demande excessive. Les Egyptiens ont en effet perdu confiance dans leur propre monnaie.

Le faible pouvoir d’achat de la monnaie nationale risque de plonger le pays dans un effondrement économique complet. Le niveau de la livre égyptienne est proche de celui que le pays a connu dans les années quatre-vingt.

“Les traders font des importations de l‘étranger, explique le propriétaire d’un bureau de change, ce qui augmente la demande pour le dollar,et ce qui réduit le taux de la monnaie égyptienne.”

La dévaluation de la livre égyptienne s’accompagne d’une augmentation des prix, acheter des produits de base devient de plus en plus difficile pour les Egyptiens.

 

Euronews

Plus : http://fr.euronews.com/2013/03/29/la-monnaie-nouvelle-victime-de-l-instabilite-en-egypte/?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+euronews%2Ffr%2Fnews+%28euronews+-+news+-+fr%29

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Pound expected to depreciate further in 2013

Pound expected to depreciate further in 2013 | Égypt-actus | Scoop.it
Egypt-actus's insight:

Throughout 2012 Egypt’s currency dropped 8.4% against the euro, which cost EGP 8.4 by the end of the year. Egypt’s currency dropped a total of 11% against the sterling in 2012.


By Ayat Al-Battawi/Daily news Egypt

Experts expect the price of the Egyptian pound to continue to depreciate against foreign currencies throughout 2013, a result of a rise in the US dollar on the Egyptian market towards the end of 2012.

Throughout 2012 Egypt’s currency dropped 8.4% against the euro, which cost EGP 8.4 by the end of the year. Egypt’s currency dropped a total of 11% against the sterling in 2012.

Karam Suleiman, head of the international transactions division at a foreign bank in Egypt, said the price of the Egyptian pound vis-a-vis the euro and the sterling was largely determined by the value of these currencies against the US dollar. Any rise in the price of the dollar would have a large effect on the Egyptian pound.

Suleiman said any improvement in the price of the pound would be dependent on supply and demand economics, pointing out the current demand for dollars in Egypt was much higher than the country’s available supply.

He added that any potential balancing of the country’s supply and demand for dollars was not likely in the coming months due to the continued rise of the local exchange rate. He stated that the price of the pound would only stabilise against foreign currencies once a balance had been achieved, or if the country’s supply of dollars outstripped demand.

Last year also witnessed a 5.7% decrease in the price of Egypt’s currency against the Saudi Riyal, a 5.8% drop against the Emirati Dirham, and a 100 PTS fall against the face Kuwaiti Dinar.

Amr Sayf, deputy head of the treasury department at a private Egyptian bank, said the decrease in the value of the pound would cause inflation. This was especially true he said, in the absence of the existence of proper mechanisms to restrain the market, so that the price of goods does not rise faster than that of foreign currency


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Le marché noir des devises montre les limites de la reprise en Egypte.

Le marché noir des devises montre les limites de la reprise en Egypte. | Égypt-actus | Scoop.it

Egypt’s central bank has taken extraordinary steps to prop up its currency and curb a black market in foreign exchange - but in back alleys and money changing shops around the country, illicit dealing continues to thrive.

This stubborn survival shows the limits of the economic recovery since Islamist President Mohammad Mursi was ousted last July, despite inflows of billions of dollars in aid from governments in the Gulf.

Sluggish tourism revenue and foreign investment are keeping supplies short, along with many overseas Egyptians’ preference to send money home via the black market, where they get a better exchange rate.

The central bank is in its second year of auctioning hard currency to satisfy demand; last month it conducted its biggest auction, selling $1.5b. It has also shut down some money changing firms for manipulating prices.

But dollars are eagerly sought on Cairo’s black market and currency traders at banks say they haven’t been able to meet their clients’ demand through official channels for months.

Mursi’s fall cleared the way for Egypt to obtain billions of dollars in aid from the military-backed government’s allies in the Gulf - Saudi Arabia, the United Arab Emirates and Kuwait - although other billions have had to be returned to Qatar, which backed Mursi’s Muslim Brotherhood.

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Egypte: Pénurie de dollars dans les bureaux de change

Egypt-actus's insight:

Les bureaux de change en Egypte connaissent une pénurie de dollars consécutive à la crise politique, a déclaré dimanche le directeur du service des devises étrangères à la Chambre de commerce.

Mohamed el Abiad a précisé que les bureaux de change ne pouvaient fournir que 20% des dollars demandés par les clients. «Avec la pénurie de dollars, nos opérations sont à moitié interrompues», a-t-il déclaré à Reuters. L'instabilité politique qui prévaut en Egypte depuis le renversement de Hosni Moubarak il y a deux ans a entraîné une course aux dollars et perturbé les investissements étrangers.

La crise a provoqué la chute de la livre égyptienne, qui a perdu huit pour cent de sa valeur par rapport au billet vert ces deux derniers mois, et lourdement amputé les réserves en devises du pays. Interrogé par Reuters, Essam Haddad, numéro deux du cabinet du président Mohamed Morsi et conseiller de politique étrangère, a assuré dimanche que la livre égyptienne avait atteint un «niveau de stabilité» et ne perdrait plus de sa valeur.

Reuters, via 20 minutes
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Story of the Egyptian Pound

Story of the Egyptian Pound | Égypt-actus | Scoop.it

ON the occasion of the 114th anniversary of issuing the first one Egyptian Pound banknote in 1899,  artist Ahmed Biro is holding an exhibition entitled 'The Story of the Egyptian Pound'.

Egypt-actus's insight:

His unique exhibition comprises paintings on wood, 201 x 202 cm, depicting the Egyptian Pound.

   "I would like to support the Egyptian economy and tourism through the touristic places and monuments which appear on this paper currency, especially when tourists keep the Egyptian banknotes as a souvenir," said Biro.

   "I want to revive the note of Egyptian Pound after it was replaced by a metal coin in 2005 and started to fall into disuse from 2012," he regretted. 

   His exhibition features 20 paintings of the forms of the Egyptian Pound from its first date of issue to its last. The banknote's illustrations include the gate of Khonso Temple in Karnak, the Temple of the goddess Isis in Philae, Abu Simbel Temple in Nubia, the Sphinx, Qalaqun Mosque in Cairo and other touristic places with captions about the history of these places.

   Biro also called for establishing a comprehensive national museum for Egyptian coins and banknotes, to be archived according to the date of issue.

 'The Story of the Egyptian Pound', is being held at Omlaty (My Currencies) Association, 53 Naguib el-Rihani St., fourth floor, Attaba, downtown Cairo. It is open daily from 4-8pm and runs until Thursday.

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