Economist: Clear improvement of the Egyptian pound against foreign exchange

Dr. Ali Aladrissi, an economist, said that the most important thing that happened after the decision to float the exchange rate was the consolidation of the currency rate, which was a very important part, because we had more than one exchange rate on the banks and the black market, and there were over 80 billion dollars on the black market, which negatively affected the Egyptian market.

Dr. Ali Al-Idrissi, via a telephone intervention with publicist Amr Abdel-Hamid on TeN's "Public Opinion" program yesterday Wednesday, added that the decision to float was positive in improving commercial sources and improving the size of foreign reserves, with transfers from abroad reaching over $40.8 billion in 2021.

He noted that Egyptian remittances abroad had reflected positively on the credit rating of the Egyptian economy by credit rating agencies, which had had a positive impact on tourism and foreign direct investment.

The economist explained that there had been a clear improvement in the price of the Egyptian pound against foreign exchange, particularly during the fallout from the Corona virus, noting that the Egyptian State had managed to withstand the pandemic and maintain economic stability despite the suffering of the countries of the world.