Fakhry Al-Fiqi: The dollar will not return to 15.70 pounds

08:31 PM

Thursday, January 12, 2023

Books – Hassan Morsi:

Dr. Fakhry al-Fiqi, head of the Parliament’s Plan and Budget Committee, said that the exchange rate of the dollar against the Egyptian pound will not return to 15.70 pounds, which it was a year ago, stressing that the decline or rise of the dollar depends on achieving balance through the ability of the Egyptian economy to produce for export.

Al-Feki added, during a telephone conversation with the journalist, Mohamed Mustafa Sherdi, on the “Al-Hayat Al-Youm” program broadcast on Al-Hayat satellite channel, Thursday evening, that there is an agreement from the International Monetary Fund with the Central Bank of Egypt to rebuild its cash reserve, which amounts to 34 billion pounds.

And the head of the Parliament’s Plan and Budget Committee added that the exchange rate of the dollar against the pound rose by 100% from its levels last year, and controlling its rise depends on the state’s ability to export and treat structural distortions.