Did the IMF ask for a “new float” of the exchange rate?.. “The budget

11:20 a.m

Tuesday, 06 August 2024

Dalia Al-Dhanini wrote:

Dr. Fakhri Al-Feki, Chairman of the Plan and Budget Committee in the House of Representatives, said that everyone expected the US Federal Reserve to cut interest rates last week, but it did not. this happened, which contributed to the current crisis in the global financial markets, at the same time as the high level of unemployment in the country.

Al-Fiqi said, in his interview with the journalist Nashat Al-Daihi, while presenting the program “With Pen and Paper”, which was broadcast on the Egyptian satellite channel “Ten” , on Tuesday night, that most of the money was hot in Egypt. is invested in financial accounts, and that 1% of this money goes to the stock exchange, indicating that what happened on the global stock market had a negative impact on the existing funds , which resulted in leaving some of that money.

Regarding what is being reported about the international money demand for another float in the exchange rate, the head of the Planning and Budget Committee of the Parliament said: “This is unreal, because Egypt has already had flexibility in the exchange rate from March 6.”