Arab Finance: Dr. Mostafa Madbouly, Prime Minister, said: Exchange rate The pound may witness an increase or decrease of up to 5% during the coming period.
“We will not repeat previous mistakes,” Madbouly stressed during a press conference on Saturday, citing the assumption that fixing the exchange rate reflects the strength of the state and the strength of its economy. Pointing out that the result of adhering to this belief led to problems that forced the country to float the exchange rate and the currency to lose 40% of its value.
In this context, he discussed the results of implementing the flexible exchange rate since last March until this moment, indicating that the movement that occurred in the price of the dollar ranges from 4% to 5%, as we started at 47, and today it reached 49, stressing that this is natural and logical. in this regard.
He added: When I spoke about this matter, I pointed out that it is possible for the exchange rate to fall or rise by the same percentages. It is possible that the movement of demand for the dollar will lead to the price falling to 46 or 47 pounds, and it is also possible for it to increase by the same percentage at a rate of 4%. Or 5%.
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