Gold prices in Egypt witnessed a decline following the announcement of the Ras El Hekma deal, while the dollar experienced a corresponding decrease in the parallel market.

Following the announcement of the Ras El Hekma project deal in partnership between Egypt and the Emirates, gold prices in Egypt continued to decline this evening, dropping by approximately 15 pounds. Additionally, the dollar experienced a decrease in the parallel market.

The decline in gold prices amounted to around 150 pounds after the deal was revealed. Prime Minister Mostafa Madbouly stated in a press conference today, Friday, that Egypt would receive dollar inflows worth $15 billion within a week, out of the total $35 billion, with the remainder entering the market within two months. As a result, the price of the dollar in the parallel market in Egypt fell to less than 60 pounds per dollar.

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