He added, “The government has a vision, but the real problem is the occurrence of unexpected shocks, such as the escalation of events in the Middle East, the repercussions of the scene and the fear of the expansion of the circle of conflict, and also what happened in the global markets.”
He said, “The sources of foreign currency inside Egypt are stable and the country’s basic needs are secured. During the currency crisis, a large number of black market traders took advantage and thus spread rumours with the aim of causing confusion.”
Madbouly added that the rise in the dollar against the pound during the past few days was dealt with in a very professional manner.
He stressed that there will be a flexible exchange rate and that the money that left the stock exchange from the market money has been made available without affecting the central bank’s reserves, noting that the dollar has risen in many countries.
The Prime Minister confirmed that the dollar will not witness a rise again, and that the black market will not return again.
The Egyptian Prime Minister said that the total hot money that left Egypt during the global sell-off on Monday did not represent more than 7-8% of the total money in the market at that time.
Madbouly added that Egypt aims to reduce the inflation rate to less than 10% by the end of 2025 or the beginning of 2026.
It is noteworthy that “Black Monday” occurred after negative reports about US employment data that fell to lower-than-expected levels for the month of July, and the unemployment rate rose to 4.3%, the highest level in nearly three years, and fears of an economic crisis.
Source: RT
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2024-08-11 12:56:30
