Madbouly reaffirms commitment to flexible exchange rate amid USD strength
Updated 12/1/2024 8:08:00 AM
Arab Finance: Prime Minister Mostafa Madbouly has reiterated Egypt’s commitment to maintaining a flexible exchange rate and ensuring the free movement of the US dollar, dismissing concerns about potential restrictions or sharp depreciation of the Egyptian pound, as per a statement.
His comments, made during a press briefing, addressed public speculation about the USD possibly surpassing EGP 50.
Madbouly emphasized that the exchange rate in Egypt will continue to be governed by a free market, subject to supply and demand.
He attributed the recent strengthening of the US dollar to global factors, particularly the outcome of the US elections, which have contributed to the dollar’s rise against major currencies, including the euro and the sterling pound.
He reassured that Egypt’s financial system remains stable, with no delays in meeting the needs of industry and trade.
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