An Arab week for hot money in Egypt... inflows of $1.2 billion

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Arab and foreign transactions in the secondary market for Egyptian government debt recorded a net purchase of $1.2 billion during last week’s transactions, according to Egyptian Stock Exchange data.

Foreigners recorded net sales of $300.8 million, while Arabs recorded net purchases of $1.5 billion.

Hot money flows returned to Egyptian debt instruments, after Arab and foreign transactions recorded net sales worth $361 million during the trading week before last.

But during last September, Arab and foreign transactions in the secondary market for Egyptian government debt recorded a net purchase of $702 million.

According to the data, Arabs recorded net purchases of $1.528 billion during last September, while foreigners recorded net sales of $826.5 million.

The price of the dollar in Egypt recorded a new high during trading today, Sunday, as the American currency continued its gains, reaching a high of 52 pounds in all Egyptian banks.

According to statistics prepared by Al Arabiya Business, the highest exchange rate for the US dollar in the National Bank of Egypt, Qatar National Bank, and Sayeb Bank was 52.51 pounds for purchase, compared to 52.61 pounds for sale.

While the lowest exchange rate for the US dollar at First Abu Dhabi Bank was 52.28 pounds for purchase, compared to 52.38 pounds for sale.

In the banks of Alexandria, Al-Baraka, Kuwait Finance House, the Arab Bank, Faisal Islamic, Industrial Development, HSBC, and the Arab African Bank, the price of the dollar reached 52.50 pounds for purchase, compared to 52.60 pounds for sale.

At the Central Bank of Egypt, the exchange rate of the US dollar recorded 52.32 pounds for purchase, compared to 52.46 pounds for sale.