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00:00 It seems that the dollar has paid many banks in Egypt to stop transactions with foreign
00:07 currencies outside Egypt.
00:09 Among these banks, we are talking about Credit Agricole, QNP, the United Nations, the Bank
00:17 of Construction and Housing, Bank of Egypt, the Egyptian People's Bank and other banks.
00:22 Today, the main reasons behind the suspension of direct dividend cards for foreign currencies
00:28 outside Egypt are the use of foreign currency, the use of cards outside Egypt and the increase
00:34 in the buying of excessive commodities.
00:37 We are talking specifically about mobile phones and gold.
00:41 Today, the interest rate between the dollar exchange rate in the fair market and the official
00:49 market is increasing.
00:50 Egypt says that today there is a need to take advantage of the dollar by buying strategic
00:55 currencies, and therefore the banks made this decision.
00:58 If we look at the value of the credit reserve in Egypt today, we notice that it is worth
01:04 35 billion dollars, and in relation to the deficit of foreign currencies, it has 248
01:10 billion pounds.
01:11 Therefore, if we look at the dollar exchange rate, we notice that the dollar in the fair
01:18 market is worth 41 billion pounds, while in the official market, we are talking about
01:26 banks, it is worth 30.9 billion pounds.
01:29 In this context, we remind you that the executive director of the International Monetary Fund
01:34 indicated that the Egyptian government will implement its reservations on foreign currency
01:38 as long as the Egyptian pounds do not decrease again.
01:41 Today, the decision to suspend the Egyptian banks' transactions with foreign currencies
01:46 is expected to negatively affect the small investors primarily, as well as the emerging
01:52 companies.
01:53 We also remind you that Modi has reduced the classification of many Egyptian banks.
01:59 We are talking about the Egyptian People's Bank, the Egyptian Bank, the Cairo Bank, the
02:05 International Trade Bank, and also the Iskander Bank.
02:09 The classification of these banks has been reduced from B3 to CAA1, and for the Iskander
02:14 Bank, the classification has been reduced from B3 to B2, with a stable future outlook.
02:20 One of the most important reasons behind this is the performance of the entire economy in
02:25 Egypt, the weakening of the operating environment and the rise in the balance of the banks from
02:29 government bonds.
02:30 Therefore, the question remains, will Egypt resort to a reduction in the value of the
02:35 pounds again?
02:36 [BLANK_AUDIO]