2023-05-18 13:30:00
The Egyptian state is working to reach the real value of the pound against the dollar.
A large number of experts confirmed that the pound is undervalued against dollardue to the repercussions of global crises, and this was confirmed yesterday by Prime Minister Dr. Mostafa Madbouly, Dr. Hala Al-Saeed, Minister of Planning and Economic Development, and Muharram Helal, Chairman of the Investors Union, as the latter said that the real dollar price is less than 30 pounds.
Therefore, according to the statements of the President of the Investors Union, if the dollar crisis ends, the global conflict and its repercussions, and the return of the dollar price to its normal level, it will be a severe blow to speculators in dollar priceAnd the black market that deals at record and unreal levels.
The price of the dollar is less than 30 pounds
Muharram Helal, head of the Investors Union, said that the crises that investors suffer from are as follows, first and foremost Dollar crisisand other one-stop application, land allocation crisis, closed factories and dispute resolution, explaining that a problem dollarone of the problems that the Egyptian economy suffers from in general, and the most prominent solution lies in the theses program and others.
Helal added, during media statements, that the state did not fail to pay any loan or dollar commitment, despite the existence of a dollar gap, stressing that the pound is undervalued by more than 10%, and the dollar will return to less than 30 pounds and to its normal state during the coming period with the return of Foreign investment to Egypt again.
The dollar saving crisis is temporary
For her part, Dr. Hala Al-Saeed, Minister of Planning and Economic Development, confirmed that the crisis in saving the dollar is temporary, due to the geopolitical conditions the world is going through, in addition to the pressure in the demand for the currency due to the high prices of strategic commodities, such as wheat and energy, which led to an increase in the import bill, Noting that there are many sectors that witnessed an increase in revenues, as follows:
- Increasing tourism sector revenues by 25%.
- Suez Canal revenues increased by about 30%.
- The volume of exports increased in general, and imports decreased by 34%, which led to an improvement in the trade balance.
Al-Saeed added that the government has already managed to rationalize about 20% of investment spending on some projects planned for the current fiscal year 2022-2023, as part of a plan to rationalize expenditures and maximize resources to deal with the pressures associated with the high costs of importing strategic goods.
For his part, he confirmed Dr. Mostafa MadboulyPrime Minister, that during the first months of the crisis, the state did not witness any problem related to the transfer of investor profits, and the biggest evidence was the exit of $21 billion in hot money at the time, which proves that Egypt did not put any restrictions on the entry and exit of investors’ funds, stressing that Egypt Able to fully commit to facilitating the exit of profits for investors.
The real value of the pound against the dollar
Madbouly added, during a press conference, on the sidelines of the ministers’ meeting yesterday, that the cabinet discussed a set of mechanisms to follow up on decisions and facilities provided to investors, and that the citizen will benefit from increased investments, which will increase the amount of hard currency available, which will reflect positively on the value of the pound, and contribute to Real value appraisal.
He stressed that all experts agree that the pound is undervalued, and our goal is to assess the pound at its true value through investment flows, which benefit the citizen on two levels. If the population of Egypt over the past 20 years had been like the countries of Europe, the repercussions of the crisis would have been much, much less, especially since the state is required to provide one million new job opportunities for one million young people.
1684422733
#pounds.. #surprise #price #dollar #blow #speculators #black #market