By: Sahar Al-Zarqani

The price of the US dollar on Egypt’s black market rose 22 piasters on Wednesday, reaching EGP 7.56 and EGP 7.60 for sales and purchases respectively, compared to EGP 7.34 and EGP 7.38 in trading conducted on Tuesday.

The price of the dollar in the Attaba neighbourhood of Cairo reportedly rose 7 piasters, reaching EGP 7.40 for sales and EGP 7.35 for purchases, compared to EGP 7.33 and EGP 7.25 respectively on Tuesday.

Meanwhile, official dollar prices in Egypt’s banks stabilised at EGP 6.91 for sales and EGP 6.88 for purchases.

Walid Amr, a director of one of the Al-Wala Exchange company branches, said that the price of the dollar rose once again by 22 piasters, stabilising at EGP 7.56 for sales and EGP 7.48 for purchases, compared to EGP 7.34 and EGP 7.30 respectively on Tuesday.

He attributed these rises to continued demand for dollars on the part of Egypt’s importers. Ahmed Tawfiq, an official working with the General Exchange Company, also stated that the price of the dollar increased on Wednesday, stabilising at EGP 7.60 for sales and EGP 7.40 for purchases compared to EGP 7.38 and EGP 7.20 on Tuesday respectively.