World Courant
Egyptian MP Mahmoud al-Saeedi, member of the Financial Committee within the Home of Representatives, predicted that the change price of the US greenback towards the Egyptian pound will fall considerably within the coming interval, assuring that Egypt is solely experiencing a passing disaster. .
Saeedi referred to the present efforts of the Egyptian state on this regard, represented by elevated international funding flows into Egypt, along with the methods the state has adopted for financial reforms, reaching self-sufficiency, maximizing native merchandise and rising exports to alleviate the issues. stress on the greenback.
Relieving stress on foreign exchange
Saeedi observed that Egypt’s accession to the BRICS group would carry main advantages to the Egyptian financial system.
This, in flip, would facilitate exchanges between member states by way of native currencies and scale back stress on foreign exchange, amid a robust want amongst coalition members to overthrow the dominance of the greenback of their transactions and set up a brand new financial system .
Egypt has a big market, he mentioned, which creates excessive demand for items and drives export motion to and from the group’s international locations.
He added that China is the most important exporter to the Egyptian state, which helps to alleviate stress on the international change.
Saeedi defined that within the coming interval, the Egyptian authorities will implement a package deal of measures that can contribute to pumping up the greenback by rising funding, out of the state’s curiosity in enhancing the funding local weather and attracting extra native and international investments in Egypt.
The federal government is eager to inspire buyers and facilitate procedures for them, he mentioned, and tips have been established along with prioritizing the native product in authorities contracts to extend exports – particularly in mild of the power of Egypt’s inhabitants and opening of recent vacationer markets. and increasing the institution of worldwide partnerships to advertise the Egyptian tourism vacation spot.
Gold is a protected haven
Consultant Ahmed Diab, member of the Financial Committee within the Home of Representatives, defined that gold is on the forefront of protected havens in periods of crises, within the face of financial hardship, inflation wave and its related penalties.
Gold is the most secure steel and permits buyers to protect their wealth in troublesome occasions as a result of it has sturdy properties, he defined, particularly its skill to take care of its worth and its resistance to numerous components and situations.
Edited translation of Al-Masry Al-Youm
The change price of the US greenback will fall towards the Egyptian pound: MP
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