EG-Bank CEO: dollar, gold prices in Egypt overvalued

The Egyptian Gulf Bank’s (EG Bank) CEO Nidal Assar said on Monday that there is a very close stability in the currency rate, stressing that the dollar and gold prices in Egypt are greatly exaggerated.

Asr further added during a Television intervention that bridging the funding gap with the new reform programme contributes to currency stability.

Noteworthy, the dollar exchange rate fell against the Egyptian pound in the black market by about four pounds on Sunday to record 32 pounds per one dollar, compared to 36 pounds on Thursday.

While the average dollar exchange rate at the central bank has recorded about 24.69 pounds for purchase, and 24.74 pounds for sale by the end of Monday’s trading.

Asr noted that the gold price fell by the end of the transactions as the price of one gram for 21-carat has recorded 1675 pounds, while in the middle of transactions has reached a value of 1750 pounds, with a decrease of 75 pounds for 2-carat.