Mohamed Abdel -Wahab, the economic analyst and financial advisor to the Arab Federation for Development and Development of the Council of Economic Unity at the League of Arab States, said that the decision of the Central Bank of Egypt was not surprising as all indications were leading to this path, so the decrease in the volume of reserves and pressure on the pound was at its peak where it reached the reserve. There are just 33 billion dollars in cash in August.
The pound was placed in its natural position, and a declaration of its true value may put those responsible for the economic decision in front of their responsibilities and everyone begins hard and real work to build a real economy whose strength extends from this country’s legacy, as pointed out by Abdel-Wahab.
The editing of the exchange rate and the tying of the pound to a basket of currencies, according to Abdel-Wahab, is analogous to the flower in the midst of the thorns.
The financial advisor for the Arab Union for Development and Growth emphasised that Egypt’s economy is much stronger than it appears to be and that it has several advantages over other countries.
More than 200 million acres of agricultural land are cultivated in Egypt, which also owns the 161 km Suez Canal and has a 3500 km2 naval border with Bahrain, the White Sea, and the Red Sea. Egypt also owns more than a third of the world’s traces, more than a million km of land, more than 100 million people, and roughly 48% of them are under the age of thirty.
These choices, according to Mohamed Abdel-Wahab, are a “bitter medication” for economic reform.
Abdel -Wahab explained that the value of the pound today is officially 14% is the path of bitter treatment and the thorns path that the Egyptian people should follow, pointing out that the people today are the only one who pays the price of the reform bill, calling for each official to assume their responsibility and realize the importance of their role in the process Economic reform..
Economic expert: The value of the pound fell by 14% in a single day.
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