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The US dollar record 18.25 pounds in the middle of transactions to banks


The US dollar rose against the pound in banks, in the middle of the day Sunday, compared to close on Saturday, and the prices ranged from buying the dollar in official transactions between 17.2 pounds to 17.6 pounds, while reaching levels ranging between 17.65 to 18.25 pounds for sale.

And record the purchase price of the dollar higher price in HSBC banks, Piraeus, and the pond at 17.6 pounds, while HSBC offered the highest price to sell the dollar at 18.25 pounds.

The total purchase price of the dollar in international commercial banks, and the Egyptian Export Development, and the company's banking Arab International about 17.55 pounds for buying, and about 17.85 pounds for sale, at the same time dollar stood at Bank of Egypt at 17.47 pounds for buying and 17.82 pounds for sale.

Identified six banks, namely, (Al Ahli, and the Suez Canal, and Cairo, and Credit Agricole, the International African Arabian, Egypt and Bloom) price of 17.45 pounds for buying, with sales of 17.8 pounds and 17.95 pounds price ranged.

And record the purchase price of the dollar in the bank Misr Iran Development Bank and the Islamic Bank of Abu Dhabi, at 17.4 pounds, while the selling price Vthdd at 17.9 pounds and 18.05 pounds respectively.

Prime Research predicted decline in the fair value of international trade for the bank and Credit Agricole Egypt with the devaluation of the dollar to the level of 14 pounds by the end of next December hypothesis.

The Primes in a research note on Sunday, said that the expected scenario is reduced at fair value, paced the Commercial International Bank to the price of 63.05 pounds, compared with 69.02 pounds in the close last Thursday, down 8.65% with a recommendation to "reduction."

Egypt's central bank decided on November 3, edit the pound's exchange rate against the dollar, according to the mechanisms of supply and demand, also decided to increase interest rates by 300 points.

The scenario assumes that the fair value of the Credit Agricole will drop to 32.86 pounds from 33.92 pounds in a hearing last Thursday, down 3.16%, with the recommendation to retain.

The memo pointed out deposits and loans will rise to the banks due to deposits and loans in foreign currency after the float the pound, leading to increased risk-weighted assets, weighted.

Primes report predicted that the Commercial International Bank foreign currency loans to grow by 58% on a quarterly basis to reach 47.2 billion pounds, as well as increased by 5% during 2017, and will continue to rise by 10% in 2018 and 2019.

The report went on: "International Commercial loans recorded 86.13 billion pounds by the end of last September, including 41% of foreign currency loans worth 27.9 billion pounds."

For Credit Agricole Prime believes that the loans in pounds is witnessing a slowdown in the fourth quarter of 2016 to grow 0.5% as a result of higher interest rates needed, while foreign currency loans to grow by 16% for the fourth quarter.

The report showed that foreign deposits will support the rise of international commercial deposits to 218.7 billion pounds by the end of December, an increase of 41% on an annual basis, while deposits Credit Agricole rises 37.57 billion pounds by the end of the same period.

The report predicted to witness a net income of return loans leaps due to the central bank raised interest rates by 300 points, to go up by 47% at CIBC end of December, on a quarterly basis to reach 6.98 billion pounds, while the rise at Credit Agricole by 13% at 1.8 billion pounds by the end of 2016.

Agricole shares closed down 3.05% at 33.1 pounds, while Commercial International fell by 1.29% at 66.57 pounds by the end of trading Egypt bourse on Sunday.
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