In light of the “dollar problem,” Egyptian President Abdel Fattah El-Sisi emphasised today, Saturday, the necessity to enhance output in order to meet local demand.
He added during the activities of the forum and the first international exhibition of industry, “The dollar crisis is revealing, and it showed the necessity of the actual move to achieve more production to cover the local demand before targeting the export.
”
Following the central bank’s decision on Thursday to raise the main interest rates by 200 basis points, the dollar last week reached its historical high of nearly 23 pounds.
The Central Bank stated that the exchange rate will, after “reform” measures have been taken to ensure the stability of the macroeconomic and the achievement of sustainable and comprehensive economic growth, reflect the value of the pound relative to other foreign currencies by the forces of supply and demand within the framework of the “flexible” exchange rate system.
It is notable that Egypt and the International Monetary Fund struck a $ 3 billion reform programme agreement at the end of last week at the level of experts.
Sisi’s initial response to the dollar’s remarkable surge
About Author
