Arab Finance: Egyptian President Abdel Fattah El-Sisi seemed to rule out any further currency depreciation in the coming period, Reuters reported on June 14^th.

El-Sisi’s remarks were made at the National Youth Conference in Alexandria yesterday.

The president pointed out that a further currency devaluation could negatively impact national security as well as Egyptian citizens.

“We are flexible in the exchange rate, to be clear. But when the matter touches on Egypt’s national security, and the Egyptian people are lost? No. No, no, no,” El-Sisi said.

“I am speaking seriously. I am saying this on air. When the exchange rate has an effect on the lives of Egyptians, and could cause them to be lost, we won’t remain seated. We cannot,” he added.

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