I wonder why Naguib Sawiris warned the Central Bank of Egypt, what was the bank’s reaction, what was its relationship with the dollar, and why the dollar crisis specifically harassed the famous billionaire.. Let’s see what the story is.
Businessman engineer Naguib Sawiris always talks about the economy, prices, and general matters, and this is on his personal account on the X Twitter site previously, and Sawiris’ tweets always resonate on the site.. The important thing is that Sawiris came out and wrote about the dollar crisis that Egypt is currently experiencing, in addition to his words about treating the duality of the exchange rate and said Sawiris: The delay in the required decisions is a disaster that will increase the extent of the critical situation we are in.”
Sawiris also said that any attempt to remedy the dual exchange rate by offering the dollar at a lower price than the black market will not be successful. The correct thing is to start from the black market price and it will gradually decrease after there is an offer. Everyone who has a dollar will agree to sell through official channels if the two prices in the banks are equal to the official price. .
Economically, Sawiris’s words are one million percent sound, because the presence of two prices for the dollar in the market is the problem that the country is suffering from, but on the other hand, the government and the central bank have been working on the solution for many months, and the beginning was to provide the dollar in the banks and the central bank, because of the step that Sawiris is talking about, which is unifying the price of the dollar or Floating or liberalizing the price of the pound, as we attribute it to supply and demand in front of the dollar and the rest of the currencies, must take place after providing appropriate conditions in the market, otherwise the issue will remain chaos, and the price of the dollar will jump as much as the market, and people will not be able to bear it, and rushing to float will be a greater disaster than having two prices for the dollar in the market.
Sawiris’s words or proposal could have been implemented immediately if under normal circumstances, but you have a big game in the exchange market and the black market for the dollar, and there are external parties lurking in the dollar and ready to take any price for other reasons at all that have nothing to do with the exchange market or supply and demand, but it has political goals, and this we have explained a lot and with evidence. The tweet of Israeli journalist Eddie Cohen is the best evidence for what he said: Either Egypt is caused by the Palestinian issue or the dollar will reach 200 pounds. This means that there are people in Egypt, gangs, and dangerous work being done in the parallel market for the dollar, and no matter how much the country floats the pound, it will prefer the black market because the demand for the dollar will be great, and the parties that we said She is ready to buy it at ridiculous prices, which means an open budget, and the result is that the dollar will also rise, and things will get out of control, and all prices will rise again, and at the same time, the Central Bank and the rest of the agencies are working well on the currency gangs before any decision to float the pound.
2024-01-31 01:05:27
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