The price of the dollar today jumped above 32 pounds for the first time in history
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The price of the dollar jumped today, Wednesday, to 32 pounds in the middle of trading for the first time in Abu Dhabi Islamic Bank.
And the price of the dollar in Abu Dhabi Islamic Bank was recorded: 32.11 pounds for purchase, and 32.15 pounds for sale.
Dr. Abd al-Rahman Shaaban, an economist, said that the price of the dollar today witnessed unprecedented rises, which affects the prices of goods and products inside the Egyptian market, explaining that the lack of foreign currencies results in a shortage in the import of raw materials, packaging materials and basic commodities, and all of these factors lead to a rise the prices.
And (First Person Magazine) added, “The reason for the aggravation of the crisis in the past days came because of the lack of supply that led to a rise in prices in the market, and this rise is not only due to the devaluation of the pound, because monetary reform will not solve the economic problem on its own, but rather it must be there.” A complete restructuring of the economy, so that the state can increase supply and production, stressing that this leads to lower prices, whatever the exchange rate.
He explained that after the state’s decision to cancel the documentary credit, it is expected that we will witness a breakthrough in the coming period, in conjunction with the entry of food commodities, raw materials, and production requirements in Egyptian ports. There will be an abundance in the market, especially since food commodities are linked to a validity period and production and expiry dates, and therefore prices are likely to drop. some goods.
