The Egyptian pound has decreased by approximately 22. 5 percent, to about 24. 25 pounds per US dollar, since the announcement of the floating of its price last week, as “GB Morgan” saw in a recent memo that the current price of the pound is considered fair, expecting a gradual amendment to 23. 5 pounds per dollar by solutions The end of this year.
In contrast, Dr.
Yousry Al -Sharqawi, head of the African Egyptian Businessmen Association, said in an interview with “Sky News Arabia” that the decisions taken by the Egyptian Central Bank recently in terms of liberalizing the exchange rate and raising interest levels are one of the greatest decisions, which confirm that those in charge of monetary policy Financial experts in the nation note that the International Monetary Fund and other international credit institutions have confidence in Egypt as a result of monetary and financial policy reforms and community protection efforts, which has a positive impact on their expectations for Egypt in the months to come.
The price that the Egyptian pound reached as a “fair” but at the expressed price can not be described “On the demand for the dollar in the market and its availability,” noted Al-Sharqawi, who is the international investment advisor. Egypt has for the first time completely liberalised the price of the pound, not orbit, and left for the supply and demand mechanism to determine its price in the market.
The discussion of a fixed price for the pound, according to Al-Sharqawi, is over, and it will continue to fluctuate in the kissing stage. He notes that stability will come about in 3 or 4 months as a result of the financing packages Egypt is anticipated to receive, which will reflect a decline in the exchange rate of the dollar against the pound at rates ranging from 15 to 20 percent.
Sahar Al-Damati, a former vice president and banking economist, predicted in an interview with “Sky News Arabia” that Egypt will soon receive a number of financial packages totaling about $9 billion. This will have a positive medium-term impact on the country’s overall economic situation and help Egypt increase its foreign exchange reserves.
Al-Damati emphasised that only supply and demand will determine the price of the pound in the upcoming stage, noting the positive impact that Egypt’s financial package from the IMF will have on that price as well as some of the investments that several Gulf nations are expected to make that will increase the nation’s financial resources.
According to Al -Damati, Egypt’s strategy in the next stage depends on expanding the industrial base, reducing import and working to increase export strongly, as the state seeks to reduce the gap between import and export, and it seeks to strengthen the revenues of the tourism sector.
In light of recent actions taken by the Egyptian Central Bank, Al-Damati voiced her hope for the Egyptian economy’s future.
Particularly in light of the flotation decision… What are experts’ expectations for the price of the Egyptian pound?
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