Hot Money Flows in Egypt Reach $702 Million in September

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Arab and foreign transactions in the secondary market for Egyptian government debt recorded a net purchase of $702 million during September, according to data from the Egyptian Stock Exchange.

According to the data, Arabs recorded a net purchase of $1.528 billion during September, while foreigners recorded a net sale of $826.5 million.

The dollar's price in Egypt declined during trading today, Wednesday, as the American currency gave up the gains it had recorded in the past few days, with the pound benefiting from positive inflows of hot money into Egyptian debt instruments.

According to a survey conducted by "Al Arabiya Business", the highest exchange rate for the US dollar at Abu Dhabi Islamic Bank was at 52.10 pounds for buying and 52.20 pounds for selling.

The lowest price for the US dollar at the Alexandria Bank was 51.84 EGP for buying and 51.94 EGP for selling.

At the National Bank of Egypt, Bank Misr, the Egyptian Housing and Development Bank, the Arab Bank, the Gulf Bank, the Industrial Development Bank, the National Bank of Kuwait, the Suez Canal Bank, the United Bank, the African Arab Bank, the Housing and Development Bank, the Qatar National Bank, and the Commercial International Bank, the price of the dollar was 51.94 EGP for buying and 52.04 EGP for selling.

At the Central Bank of Egypt, the exchange rate of the US dollar was 51.92 EGP for buying and 52.06 EGP for selling.