Global Courant
Speculation has gone viral about Egypt’s possibility devalue its own currency, despite Egyptian President Abdel Fattah al-Sisi asserting at the last youth conference in Alexandria weeks ago that the state will not make any decisions regarding the exchange rate that would negatively affect citizens.
A researcher at the Egyptian Center for Strategic Studieswrote Mohamed Shady on his official Facebook page: “If you expect a devaluation of the Egyptian pound today, I don’t think that will happen, although I assure you that this is the right decision from an economic point of view.”
“The administration is biased on the social aspect of the decision, and I think it is in the right direction to keep the price in the current range of about LE 29 to LE 34 per dollar, at least until the end of the first half of the new financial year, so in January.”
Shady explained: “The government is following the direction in which it bears the exchange rate differential, and is currently able to do so, and every day its ability to bear this is increasing in light of the global economic conditions that shift in favor of the Egyptian economy.”
He added that after the stability of the dollar exchange rate, people should fall for rumors spread by those who want to disturb the peace of the Egyptians, especially during their celebrations of Eid al-Adha and the July 30 revolution.
