Economist: The Egyptian economy would have been completely paralyzed if foreign exchange was not available
Dr. Hisham Ibrahim, professor of finance and investment at Cairo University, said that the economy would have been completely paralyzed if foreign exchange was not available, noting that the exchange rate is a reflection of the economic situation and is like a thermometer.
Ibrahim added, during his meeting with the journalist Ismail Hammad, on the “Banks and Investment” program, broadcast on the “Extra News” satellite channel, this evening, Sunday, that the Central Bank is following the movement of foreign exchange and does not interfere unless it finds a suspicion in the transactions.
He explained that the economic reform and the resulting numbers enabled the government to take an initiative to pump 100 billion pounds at the beginning of the Corona crisis, and the Central Bank was a pioneer in the work of a set of initiatives, and grants were provided to groups that lost their jobs.
He pointed out that the state worked to increase operating investments during the Corona pandemic, unlike a large number of countries in the world, in order to move the arteries of the economy, which has already been achieved, and the unemployment rate has decreased.