Egyptian Prime Minister Mostafa Madbouly on Monday commented on speculations that the exchange rate of the US dollar would reach LE100.
During an interview with Extra News channel, Madbouly said that the Egyptian state has emerged from a very difficult tunnel regarding foreign exchange and currency.
“There was a terrible climate of mistrust, and the entire country was concerned about the future. I am aware of everything that is being raised, and yet a large part of this issue was due to the unprecedented crises that the world is suffering,” he said.
The Prime Minister continued: “But it is may be that because of our circumstances as a country, the severity of the crisis was great for us. Egypt has been in a series of successive crises since 2011.”
The US dollar exchange rate
Citizens are primarily concerned with prices, he said, and therefore the state sped up the solution to the hard currency crisis which impacted everything.
“We used to hear that some put the exchange rate of dollar at LE 70 or LE 80, and others were saying that within a year it will be at LE 100 or so, and commodities were priced at rate,” he continued.
“But, thank God, today this is over. Our monetary policy has maintained a known and fixed rate for the dollar, and we are eager to ensure that the Egyptian economy is able to confront shocks.”
Madbouly said that he directed the new government to secure hard currency resources – during the next three years at most – that cover Egypt’s needs and to have a surplus to avoid any exceptional economic crises that may occur.
