‘Revival’ of Egyptian pound black market
KUWAIT CITY, March 8: The black market for the exchange rate of the Egyptian pound has become active again in Kuwait after a long period of calm that began on January 17. This is in response to the recent floatation approved by the Central Bank of Egypt for the local currency. As a result, the official market reached a parity point for the exchange rate traded in the parallel market, reports Al-Rai daily.
The exchange rate of the Egyptian pound in Kuwait returned to fluctuation again after the increasing talk about a new upcoming floatation of the Egyptian currency. The price offered by currency dealers recorded a margin less than 700 fils compared to exchange companies, equivalent to a decrease of seven percent, which is a gradual expansion rate so far. The exchange rate for every 1,000 pounds in the official market is KD 10.150 but it is KD 9.450 in the black market.
It is not excluded that the margin between the official and parallel market for the exchange rate of the Egyptian pound in Kuwait will increase to wider rates in the coming period and until the Central Bank of Egypt puts an end to the issue of floating the pound and the extent of pressure on the dollar.
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Road 30 details outlined: Head of the technical committee in the Municipal Council Dr. Hassan Kamal says, “The estimated cost of the Fahaheel Expressway (Road 30) Development Project is one billion and 335 million dinars. Its implementation period extends for 14 years for all stages”, reports Al-Rai daily.
Following the committee meeting on Tuesday, Dr. Hassan said, “The length of the Fahaheel Road project is 39 km. It includes a flyover of length of 36 km, in addition to intersections, and entrances and exits between the two ends of the road. The project will be implemented in three stages, each stage with a length of 13 km. It will take about four to five years.
The project is important and vital, as it aims to improve the quality of the existing road and develop it, taking into account the current and expected future high traffic density. It extends from Kuwait City to the Mina Ahmadi road.
During the visual presentation of the Public Authority for Roads and Transportation (PART), the committee decided to keep the transaction on its agenda, and invite the relevant authorities, especially since there are studies that must be taken into account. Three preliminary designs for the project were submitted, and one design was chosen.”