صفقة "رأس الحكمة" تربك أسعار الدولار والذهب في مصر
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00:00 A step towards recovery.
00:03 This is how the "Coin of Wisdom" deal, which Egypt and the UAE signed recently, was described,
00:07 bearing with it the good news of a thriving economy,
00:11 which is under the pressure of geopolitical tensions, foreign currency inflation,
00:15 and sharp increases in inflation rates.
00:18 A deal that will bring back the dollar's share in the equilateral market by about 20%,
00:23 and raise the pounds in the short-term without the 60 pounds levels of each dollar.
00:28 A deal that will create a boom in the monetary market for the central bank,
00:32 and may accelerate the step towards lowering the currency exchange rate.
00:36 There was a direct decrease in the equilateral market
00:39 as soon as the official announcement was made about the existence of the deal.
00:43 Therefore, with the influx of the currency, the gap between the equilateral market
00:47 and the official market will begin to decrease even more.
00:50 The gap will reach the narrowest limits, as we have been used to in the past,
00:54 and it will reach precisely the 10% limit.
00:57 Therefore, the movements will be, after the review process that will be done with the fund,
01:01 at the end of March, we will see how much the movement will be,
01:04 because the idea of all the decreases will be seen in a large way.
01:08 While the impact of the deal on the dollar's share in the equilateral market
01:11 also brought back the gold prices by about 15%,
01:14 until it recorded a lower level for it for more than two months,
01:18 amid expectations of lowering prices,
01:20 affected by the declines in the dollar's prices in the equilateral market.
01:24 The equilateral market has indeed declined,
01:27 so the gold market must respond to this decline and return to these levels.
01:30 Okay, where are we going or what is our direction?
01:33 We see that the main goal of this deal is to introduce new investments,
01:37 so there is a dollar market,
01:39 so the government or the Egyptian state is trying to do justice to the equilateral market.
01:43 This will be done in one way or another to reach the levels of 30 or 35 pounds per dollar,
01:48 so if we can reach this level by informing about compensation or lowering the exchange rate more smoothly,
01:55 we will be able to reach levels in gold between 2000 and 2200 pounds,
01:59 which is no less than this level.
02:01 This is the Egyptian government's biggest investment deal in its history
02:05 with the UAE EDQ company,
02:07 with investments of 35 billion dollars,
02:10 which will enter Egypt in two months.
02:12 With the decline of the dollar in the equilateral market
02:15 and the consequences of a major decline in gold prices
02:18 and the large number of people preparing to raise the exchange rate in the UAE,
02:21 the question remains,
02:23 when will the exchange rate settle,
02:25 how and to what extent will the new liquidity contribute
02:28 in meeting the demands and limiting the impact on the dollar?
02:32 Farouk Youssef, CNBC Arabia, Cairo.
02:35 - All right, here we are.