Business tycoon Sawiris hails Egypt currency floating move

Egyptian business tycoon Naguib Sawiris, chairman of Orascom Telecom Media & Technology (OTMT), has hailed the central bank’s move to freely float the local currency.

The devaluation decision has come very late, Sawiris stated on Twitter, saying it should have been taken much earlier.

Egypt’s central bank announced Thursday a decision to freely float the local currency, in a move aimed at eliminating a flourishing black market for dollars after the cash-strapped government secured loans to boost its reserves.