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Significant developments in Egypt’s floating pound rate as highlighted by an economic analyst speaking to RT

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Ziad Najjar
Ziad Najjar is an Egyptian author who studied business and finance in the United States and has a keen interest in media. He combines his expertise in these fields to create informative and engaging works accessible to a broad audience.

Egyptian economic analyst Hanan Ramses spoke about an unexpected incident on the Egyptian stock exchange, which was supposed to lead to a decrease in the value of the pound.

An Egyptian economic analyst said: “The world is in one valley and the Egyptian stock exchange is in another valley.
After the shifting economic forces around the world and the direction of Russia, China, Iran and India to develop methods of trade exchange in a new currency independent of the dollar, even the Russian ruble and pound sterling rose against the dollar for the first time. dollar over the past week, and amid repeated talk of dollar weakness, the Egyptian Stock Exchange is of the latter opinion.”

And Ramses continued in statements to RT: “With the delay in the sale of shares in state-owned companies to a strategic investor, especially in oil and energy, and the refusal of one of the Arab countries to complete acquisitions under the pretext that the pound is higher than its real value and that it is necessary to move or further lower the pound against the dollar to complete. In these trades, the unexpected happened in Thursday’s trading session as one of the leading stocks in the banking sector is the rose, which is the stock with the highest relative weight.
By 14% and it has moved from a price of 52.5 per share to about 58.5 per share, which gives the impression that the devaluation of the pound sterling has become very inevitable, as these shares are traded on international stock exchanges.
And his movement was declining, but because these markets will be open for any trade in them, despite the fact that the Egyptian Stock Exchange has stopped trading.”

And she noted that local institutions have taken active steps to increase their share of the world’s stock exchanges.
The last trading day on the Egyptian Stock Exchange before Easter and the holidays of Sham el Nessim, which will include the following Sunday and Monday.

After all, the Egyptian economic analyst said that the stock’s rise was met with such a wave of surprise among dealers, who were almost certain that the stock offering was imminent.

Source: RT

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