After breaking the 50-pound barrier… What is the price of the dollar on the black market?

11:55 p.m

Thursday, November 16, 2023

Written by Manal Al-Masry:

The price of the dollar on the black market for currency trading (the unofficial market) stabilized during the morning of today’s trading at the same levels as yesterday without change, according to what two observers who spoke to Masrawy said.

They explained that the price of the dollar recorded about 50 pounds on the black market, or an increase of a few pennies, during today’s transactions, which is the same level that it recorded yesterday due to the continued shortage of currency supply in banks and ATMs and the increased demand from individuals and companies.

The gap in the price of the dollar against the pound between the black market for the currency and the banks reached about 19 pounds, with its average price in the banking sector trading at less than 31 pounds as of this morning’s trading.

Banks are facing severe pressure from a shortage of foreign exchange after the exit of indirect investments worth $22 billion in the middle of last year due to the negative consequences of the Russian-Ukrainian war.

The price of the dollar against the pound rose by about 96% in 3 waves, rising from 15.76 pounds on March 20, 2022 to about 30.94 pounds, which is the level it has been stable at since last March until now.

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