The Director of the Cairo Center for Economic and Strategic Studies, Abdel-Moneim al-Sayed, commented on the US greenback value exceeding the LE50 mark against the Egyptian pound, and future expectations for the value of the inexperienced foreign money in Egypt.
Sayed stated in a phone interview with the privately-owned “Al-Nahar” channel, that the US greenback value in Egypt broke the LE50 barrier through the previous few days.
The way forward for the US greenback alternate fee in Egypt
The CCESS director anticipated that there can be additional will increase within the US greenback value through the coming interval (days and weeks), however they’d be at very low charges.
“I don’t think we should be alarmed or worried, because manufacturing companies in Egypt add three percent to four percent more to the cost, in anticipation of the increase in the price of foreign currency,” stated Sayed.
He continued: “The increase is a flexible movement between supply and demand. The dollar will increase, because there is a big problem. The state needs to increase the volume of foreign investments, increase manufacturing, and reduce the import bill. These are the things that the government needs to work on during the coming period.”
