The Egyptian pound fell again in early trading, today, Monday, to take a new step towards the levels of 19 pounds to the dollar, achieving its lowest level ever.
The decline of the pound came in conjunction with positive news from the Suez Canal, which is one of the most important sources of foreign income for the country, as it succeeded in recording unprecedented record revenues, the highest ever.
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The national banks’ price screen revealed a new rise in the dollar exchange rate by two piasters, as the dollar exchange rate against the pound in the National Bank of Egypt and Banque Misr rose to 18.84 pounds for sale and 18.78 pounds for purchase.
And according to the price screen of the National Bank of Egypt and Banque Misr yesterday, Sunday, the dollar exchange rate against the pound stabilized at levels of 18.82 pounds for sale, while the dollar exchange rate recorded 18.76 pounds for sale.
Regarding the exchange rate of the dollar in private banks, the increase came by 4 piasters, as the exchange rates rose in the Egyptian Gulf, Abu Dhabi Islamic, Egypt Iran, Commercial International, Alexandria Bank and Credit Agricole Egypt (EGX: CIEB).
The dollar exchange rate in the aforementioned banks recorded levels of 18.86 pounds for sale, compared to 18.82 for purchase, while the euro exchange rate rose to 19.88 pounds for sale, compared to 19.61 for purchase.
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Lieutenant-General Osama Rabie, head of the Suez Canal Authority, announced today, Monday, that the navigation statistics in the canal during the fiscal year 2021/2022 set new and unprecedented records throughout the history of the canal, achieving the highest annual net tonnage for a fiscal year of 1.32 billion tons, and the highest annual financial revenue of 1.32 billion tons. $7 billion, exceeding all previously recorded figures.
These data will enhance the dollar balance at the Central Bank of Egypt, coinciding with the increase in remittances from Egyptians abroad, which works to further stability in exchange rates and the recovery of the proceeds of cash reserves from the dollar.
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Rabie added that navigational reports during the fiscal year 2022/2021 monitored a significant increase in the number of ships transiting the canal, as 22032 ships crossed the canal during that period compared to 19,047 ships transited during the 2020/2021 fiscal year, a difference of 2,985 ships, an increase of 15.7%. While the total net tonnage crossing the canal amounted to 1.32 billion tons during the fiscal year 2021/2022, compared to 1.19 billion tons during the fiscal year 2020/2021, a difference of 130 million tons, an increase of 10.9%.
He pointed out that the increase in the number and tonnage of ships transiting the canal during the fiscal year 2021/2022 contributed to achieving a major boom in the revenue of the canal, denominated in dollars, achieving the highest annual financial return in the history of the canal of $7 billion, compared to $5.8 billion during the fiscal year 2020/2021. An increase of $1.2 billion, an increase of 20.7%.
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Lieutenant-General Rabie revealed the increase in the rates of transit of different types of ships of the world fleet through the Suez Canal during the fiscal year 2021/2022, pointing out in this regard that container ships transiting the canal came to the fore during that period as the most important category of ships transiting the canal, according to the total transit tonnages and their percentage. Of the revenue generated, as 5520 container ships crossed with a total net tonnage of 638,000 tons, generating revenues of $3.4 billion during the fiscal year 2021/2022, which explains that many shipping lines added new navigational services through the canal.
The head of the authority indicated that dry bulk vessels came in second place as the most important category of vessels transiting the canal, as 6,327 bulk vessels crossed during the fiscal year 2021/2022 with a total net tonnage of 254 thousand tons, achieving revenues of 1.3 billion dollars, and this increase comes in light of The growth of coal trade across the Canal, especially to Europe, to compensate for the shortage of Russian supplies to these countries.
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He added that oil tankers ranked third in terms of their relative importance, as 5451 oil tankers with a total net tonnage of 236,000 tons crossed, achieving revenues of $1.2 billion in that period affected by the improvement in demand for crude oil with the recovery of major economies.
It was followed by liquefied natural gas tankers in relative importance, as 886 liquefied natural gas tankers crossed with a total net tonnage of 97 thousand tons, achieving revenues of 435 million dollars. During the fiscal year 2021/22, the Suez Canal witnessed the transit of 1959 general cargo ships, 966 car carriers, and 60 passenger ships.
It is worth noting that the navigation statistics during the fiscal year 2021/2022 recorded the highest monthly revenues in the history of the canal during the months of June and May 2022, and the months of April and May of this year recorded the highest monthly net loads throughout the history of the canal.
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