New exit of hot money from Egypt

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Arab and foreign transactions in the secondary market for Egyptian government debt recorded a net sale of $245 million during Tuesday’s trading, according to Egyptian Stock Exchange data.

The total hot money exits from Egypt rose to $750 million within two days, as Arab and foreign transactions recorded net sales of $505 million yesterday, Monday.

Hot money returned to exit Egypt after positive flows during the past two weeks, as Arab and foreign transactions in the secondary market for government debt recorded a net purchase of $328.5 million during the past week, and a net purchase of $1.2 billion during the week before last.

During last September, transactions by Arabs and foreigners recorded net purchases of $702 million, as Arabs recorded net purchases of $1.528 billion, while foreigners recorded net sales of $826.5 million.

The price of the dollar in Egypt against the pound recorded a new high during trading today, Tuesday, as the US currency continued to trade at the highest level of 54 pounds, which it recorded in yesterday’s trading for the first time since last April.

According to statistics prepared by Al Arabiya Business, the highest exchange rate for the US dollar at Next Bank was 54.49 pounds for purchase, compared to 54.59 pounds for sale.

While the lowest exchange rate for the US dollar at Qatar National Bank was 53.05 pounds for purchase, compared to 53.15 pounds for sale.

In the banks of the National Bank of Egypt, Misr, Construction, Housing, Faisal Islamic Bank, Arab Bank, Egyptian Gulf Bank, Industrial Development Bank, Kuwait National Bank, Arab African Bank, Al Baraka International Commercial Bank, Suez Canal Bank, United Bank and Alexandria Bank, the price of the dollar reached 54.45 pounds for purchase, compared to 54.55 pounds for sale.

At the Central Bank of Egypt, the exchange rate of the US dollar recorded 54.45 pounds for purchase, compared to 54.59 pounds for sale.