After the central bank liberalised the exchange rate, Ezz Steel Company anticipated that currency exchange rate losses of 2. 1 billion pounds would occur during the second half of 2022.
The statements of the Ezz Hadid Company came in a disclosure of the Egyptian Stock Exchange, in response to shareholders’ inquiries about the impact of the exchange rate on the company’s financial statements.
The company claimed that these losses are a result of the company’s increased dollar obligations, which were created in order to pay for dollar-denominated import operations. The company noted that these obligations were calculated using the dollar’s value of 22.95 pounds, which was the level it had attained in the National Bank by last Thursday’s end.
In order to promote sustained economic growth, the Central Bank of Egypt declared the deregulation of currency rates against the Egyptian pound while also cancelling the opening of documentary credits by December 2022 to meet factory production needs.
A must.. Ezz Steel expects losses of 2.1 billion pounds from the rise in dollar prices
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