08:09 PM
Monday, November 27, 2023
Books – Hassan Morsi:
Dr. Fakhri Al-Feki, Chairman of the Plan and Budget Committee in the House of Representatives, revealed the truth about the news regarding a new floatation of the Egyptian pound after the 2024 presidential elections.
Al-Fiqi added, during a telephone conversation with the journalist Azza Mostafa, on the Tahrir Hall program, via Sada El-Balad satellite channel, that the news of floating the pound for the fourth time after the 2024 presidential elections is not true, pointing out that there is an indicator that will link the value of the Egyptian pound to a basket of currencies belonging to the trading partners. .
Fakhri Al-Feki stressed that there should be no floating of the pound as it affects national security. Because with the wave of high prices, if the flotation occurs, there will be more inflation and the high cost of living, commenting: “Linking the Egyptian pound to an index that will be through a basket of currencies of international partners + a weight of gold from the global weights.”
The Chairman of the Plan and Budget Committee explained that the flexibility of the pound in the currency index is characterized by flexibility up and down, commenting: As long as it affects national security, there is no float until the inflation index falls from 7 to +-2, and Egypt’s general inflation rate is still high according to the Central Agency for Public Mobilization and Statistics. .
Dr. Fakhri Al-Feki noted that if $5 to $10 billion were allocated to open credits to merchants and importers in the Central Bank, there could be a floatation of the pound in its traditional sense, commenting: The price of the dollar in the parallel market is far from the real value of the dollar in light of the current conditions of the Egyptian economy, and 70%. Speculation due to the price discrepancy between the dollar and the pound in the parallel market and the central bank, and the fair price of the dollar to the dollar may reach from 35 to 40 pounds.
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2023-11-27 18:09:00
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