The Director of the Cairo Center for Economic and Strategic Studies, Abdel-Moneim al-Sayed, commented on the US dollar price exceeding the LE50 mark against the Egyptian pound, and future expectations for the price of the green currency in Egypt.
Sayed said in a telephone interview with the privately-owned “Al-Nahar” channel, that the US dollar price in Egypt broke the LE50 barrier during the past few days.
The future of the US dollar exchange rate in Egypt
The CCESS director expected that there would be further increases in the US dollar price during the coming period (days and weeks), but they would be at very low rates.
“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,” said 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.”
